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mishcacross21
24.06.2021 •
Business
Dividing Partnership Net Income Han Lee and Monica Andrews formed a partnership, dividing income as follows: Annual salary allowance to Lee of $32,000. Interest of 4% on each partner's capital balance on January 1. Any remaining net income divided to Lee and Andrews, 2:1. Lee and Andrews had $80,000 and $150,000, respectively, in their January 1 capital balances. Net income for the year was $64,000. How much net income should be distributed to Lee and Andrews? Lee: $fill in the blank 1 Andrews: $fill in the blank 2
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Ответ:
Han Lee and Monica Andrews Partnership
The net income that should be distributed to:
Lee = $50,400
Andrews = $13,600
Explanation:
a) Data and Calculations:
Han Lee Monica Andrews Total
Capital accounts, Jan. 1 $80,000 $150,000 $230,000
Annual salary allowance 32,000 32,000
Interest on capital 3,200 6,000 9,200
Total allowances $41,200
Profit sharing 15,200 7,600 22,800
Net income $64,000
Total distribution $50,400 $13,600 $(64,000)
Ответ:
If you ever get a chronic illness or a very serious injury
Explanation: