Business, 06.05.2020 06:17 millie54

Christie and Jergens formed a partnership with capital contributions of $360,000 and $460,000, respectively. Their partnership agreement calls for Christie to receive a $66,000 per year salary. Also, each partner is to receive an interest allowance equal to 10% of a partner's beginning capital investments. The remaining income or loss is to be divided equally.
Required:
a. If the net income for the current year is $153,000, then Christie and Jergens's respective shares are .
O $104,500; $48,500.
O $102,000; $46,000.
O $76,500; $76,500.
O $41,000; $112,000.
O $67,171; $85,829.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 02:00

Answer the following questions using the information below: southwestern college is planning to hold a fund raising banquet at one of the local country clubs. it has two options for the banquet: option one: crestview country club a. fixed rental cost of $1,000 b. $12 per person for food option two: tallgrass country club a. fixed rental cost of $3,000 b. $8.00 per person for food southwestern college has budgeted $1,800 for administrative and marketing expenses. it plans to hire a band which will cost another $800. tickets are expected to be $30 per person. local business supporters will donate any other items required for the event. which option has the lowest breakeven point?

Answers: 1

Answer

Business, 22.06.2019 11:00

The role of the credit department includes: a. evaluating customers' credit applications to determine whether they meet the company's approval standards. b. approving all credit applications in order to avoid losing sales. c. collecting cash from customers. d. following unwritten approval standards for processing customers' credit applications.

Answers: 2

Answer

Business, 23.06.2019 04:40

2. a computer equipment was acquired at the beginning of the year at a cost of $56,000 with an estimated residual value of $5,000, and an estimated useful life of five years. determine the second year’s depreciation expense using the straight-line method.

Answers: 3

Answer

Business, 23.06.2019 07:00

Choose all that apply. a financially-responsible person has a budget has no plan spends less than they make pays for everything with a credit card saves their money pays bills on time

Answers: 1

Answer

You know the right answer?

Christie and Jergens formed a partnership with capital contributions of $360,000 and $460,000, respe...

Questions