Trevor and Brian Enter into a Partnership and Decide to Share

question 92

Essay

Trevor and Brian enter into a partnership and decide to share profits and losses as follows:
1.The first allocation is a salary allowance with Trevor receiving $10,000 and Brian receiving $20,000.
2.The second allocation is 20% of the partners' capital balances at year end.On December 31,2019,the
capital balances for Trevor and Brian are $50,000 and $40,000,respectively.
3.Any remaining profit or loss is allocated equally.
For the year ending December 31,2019,the partnership reported net income of $50,000.
Required:
1.Calculate the share of profit allocated to each partner.
2.Prepare the journal entry to record the allocation of profit on December 31,2019.

Comprehend the dynamics of religious attendance and its variability among different demographic groups.

Analyze the relationship between religious organizations' longevity and their structural evolution.

Understand the basic definitions and distinctions between fundamentalist movements, cults, and mainstream religious practices.

Grasp the concept of collective conscience and its role within society.

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Definitions:

Inventory Holding Cost

Refers to the total cost associated with storing unsold goods, including expenses such as warehousing, depreciation, spoilage, and insurance.