TOHECengage Learning ngagenow.com/ilrm/takeAssignment/takeAssignmentMain.do?invo

Question

TOHECengage Learning ngagenow.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker assignments&itakeAssignment; tSessionLocator assignment-take&inprogress-false; Calculator Rodgers and Winter had capital balances of $60,000 and $90,000, respectively, at the beginning of the current fiscal year. The articles of partnership provide for salary year allowances of $25,000 and $30,000, respectively; an allowance of interest at 12% on the capital balances at the beginning ofthe r: and the remaining net income divided equally. Net income for the current year was $110 a. Present the Division of net income section of the income statement for the current year Net income $110,000 Rodgers Winter Total Division of net income: Salary allowance Interest allowance Total Net income b. Assuming that the net income had been $65,000 instead of $110.000, present the Division of net income ection of the incom current year. Net income atoment for the $65,000 Rodgers winter Total Division of net inicome: e here to

Explanation / Answer

a Rodgers Winter Total Division of net income Salary allowance 25000 30000 55000 Interest allowance 7200 10800 18000 Total 32200 40800 73000 Remaining income to be shared equally 18500 18500 37000 Net income 50700 59300 110000 b Rodgers Winter Total Division of net income Salary allowance 25000 30000 55000 Interest allowance 7200 10800 18000 Total 32200 40800 73000 Remaining loss to be shared equally -4000 -4000 -8000 Net income 28200 36800 65000

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.