Examlex
Summers and Winters formed a partnership on January 1,2012.Summers contributed $90,000 cash and equipment with a market value of $60,000.Winters' investment consisted of: cash,$30,000; inventory,$20,000; all at market values.Partnership net income for 2013 and 2012 was $75,000 and $120,000,respectively.
Determine each partner's share of the net income for each year,assuming each of the following independent situations:
a.Income is divided based on the partners' failure to sign an agreement.
b.Income is divided based on a 2:1 ratio (Summers: Winters).
c.Income is divided based on the ratio of the partners' original capital investments.
d.Income is divided based on partners allowed 12% of the original capital investments,with salaries to Summers of $30,000 and Winters of $25,000 and the remainder to be divided equally.
Prepare the journal entry to record the allocation of the 2013 income under alternative (d)above.
Ship's Log Book
An official record book maintained by the ship's crew documenting the voyage, navigation details, weather conditions, and other relevant occurrences at sea.
Thesis Statement
A concise summary of the main point or claim of an essay, research paper, etc., often presented at the end of the introductory paragraph.
Ballet Corps
The group of dancers in a ballet company who perform together as a background for the principal dancers.
Dance Theater of Harlem
An American professional ballet company and school based in New York City, known for its inclusive approach to classical ballet.
Q18: As a long-term investment, Elmer's Equipment Enterprise
Q56: An investor purchased $50,000 of bonds that
Q70: _ refers to the programs that help
Q86: During the closing process, partner's capital accounts
Q96: Auditors are banned from direct investments with
Q98: The ability to provide financial rewards sufficient
Q100: _ ratios include the price-earnings ratio and
Q104: Net income:<br>A) Decreases equity.<br>B) Represents the amount
Q111: The _ ratio is a measure of
Q162: The Asian segment of a multinational company