1. Xavier and Yolanda have original investments of $49,500 and $104,400, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%; salary allowances of $28,700 and $30,900, respectively; and the remainder to be divided equally. How much of the net income of $112,300 is allocated to Xavier? a.$59,472 b.$28,700 c.$49,560 d.$38,600
1. Xavier and Yolanda have original investments of $49,500 and $104,400, respectively, in a
2. Xavier and Yolanda have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%; salary allowances of $38,000 and $28,000, respectively; and the remainder to be divided equally. How much of the net income of $77,000 is allocated to Yolanda?
3. Tomas and Saturn are partners who share income in the ratio of 3:1 (3/4 to Tomas and 1/4 to Saturn). Their capital balances are $93,800 and $70,600, respectively. The partnership generated net income of $44,800. What is Tomas's capital balance after closing the revenue and expense accounts to the capital accounts?
4. Paul and Roger are partners who share income in the ratio of 3:2 (3/5 to Paul and 2/5 to Roger). Their capital balances are $90,000 and $130,000, respectively. The partnership generated net income of $50,000 for the year. What is Paul’s capital balance after closing the revenue and expense accounts to the capital accounts?
5. Jackson and Campbell have capital balances of $100,000 and $300,000, respectively. Jackson devotes full time and Campbell devotes one-half time to the business. Determine the division of $150,000 of net income in the ratio of capital balances.
6. Douglas pays Selena $42,600 for her 27% interest in a partnership with net assets of $126,700. Following this transaction, Douglas's capital account should have a credit balance of?
7. Bobbi and Stuart are partners. The partnership capital of Bobbi is $40,800 and that of Stuart is $77,700. Bobbi sells his interest in the partnership to John for $58,100. The
Adriana and Belen are partners who share income in the ratio of 3:2 and have capital balances of $50,000 and $90,000, respectively, at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $90,000. How much cash should be distributed to Adriana?
Antonio and Barbara are partners who share income in the ratio of 1:2 and have capital balances of $40,000 and $70,000, respectively, at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $80,000. What amount of loss on realization should be allocated to Barbara?
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