Hassell and Abby Lawson formed a partnership
Thank you in advance for your help.
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andace Hassell and Abby Lawson formed a partnership, investing $176,000 and $88,000, respectively.
Determine their participation in the year's net income of $294,000 under each of the following independent assumptions:
- No agreement concerning division of net income.
- Divided in the ratio of original capital investment.
- Interest at the rate of 18% allowed on original investments and the remainder divided in the ratio of 2:3.
- Salary allowances of $43,000 and $59,000, respectively, and the balance divided equally.
- Allowance of interest at the rate of 18% on original investments, salary allowances of $43,000 and $59,000, respectively, and the remainder divided equally.
 Hassell Lawson
A ? ?
B ? ?
C ? ?
D ? ?
E ? ?
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If you could help with this too it would really help.
Pryor and Lester are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $42,000 and $28,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $53,000.
a. What is the amount of a gain or loss on realization?
Answers
Status NEW
Posted 01 Jun 2017 04:06 AM
My Price 8.00
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