Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 1 Day Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Aug 2017 My Price 7.00

partnership agreement

Exercise 3 (LO 4) Allocating profits and losses. Johnson, Larson, and Kragen own an advertising agency that they operate as a partnership. The partnership agreement includes the following:

a.    Johnson receives a salary of $50,000.

b.    Larson receives a salary of $60,000.

c.    Kragen receives no salary but a bonus equal to 10% of income after the bonus.

d.    All partners are to receive 10% interest on their average capital invested. The average capital balances are $40,000, $25,000, and $145,000, respectively, for Johnson, Larson, and Kragen.

e.    Any residual amounts of profit are to be divided equally between the partners.

1.    Determine how $220,000 of income would be allocated.

2.    Determine how a loss of $34,000 would be allocated assuming a priority system for allocat- ing losses is not followed.

3.    Determine how $132,000 of income is allocated among the partners assuming the following priority system: income should be allocated by first giving priority to salary, then bonus, then interest on invested capital, and then according to the profit and loss percentages.

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Aug 2017 11:08 PM My Price 7.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n.P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll

Not Rated(0)
Relevent Questions