Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 13 Oct 2017 My Price 7.00

Champion Play Company

Division of Income

 

 

Champion Play Company is a partnership that sells sporting goods. The partnership agreement

provides for 10 percent interest on invested capital, salaries of $24,000 to Luc and $28,000 to

Dennis, and a bonus for Luc. The 20X3 capital accounts were as follows:

Luc, Capital

Dennis, Capital

8/1 15,000

1/1

50,000

  

7/1 10,000

1/1 70,000
 

4/1

5,000

    

9/1 22,500

Required

For each of the following independent situations, prepare an income distribution schedule.

a. Interest is based on weighted-average capital balances. The 5 percent bonus is calculated on net income after deducting the bonus. In 20X3, net income was $64,260. Any remainder is divided between Luc and Dennis in a 3:2 ratio, respectively.

b . Interest is based on ending capital balances after deducting salaries, which the partners nor- mally withdraw during the year. The 8 percent bonus is calculated on net income after deduct- ing the bonus and salaries. Net income was $108,700. Any remainder is divided equally.

c. Interest is based on beginning capital balances. The 12.5 percent bonus is calculated on net income after deducting the bonus. Net income was $76,950. Any remainder is divided between Luc and Dennis in a 4:2 ratio, respectively.

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Oct 2017 03:10 PM My Price 7.00

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