1. Annual salary allowance to Gonzalez of $25,000. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Gonzalez and Van Horne, 2:1. Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,000. Required: How much net income should be distributed to Gonzalez and Van Horne? Gonzalez: $ Van Horne:

1. Annual salary allowance to Gonzalez of $25,000. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Gonzalez and Van Horne, 2:1. Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,000. Required: How much net income should be distributed to Gonzalez and Van Horne? Gonzalez: $ Van Horne:

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 2CE

See similar textbooks

Similar questions

Adriana Gonzalez and Sylvester Van Horne formed a partnership, dividing income as follows: Annual salary allowance to Gonzalez of $25,000. Interest of 5% on each partner’s capital balance on January 1. Any remaining net income divided to Gonzalez and Van Horne, 2:1. Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,000. Required: How much net income should be distributed to Gonzalez and Van Horne?Gonzalez: $fill in the blank 1Van Horne: $fill in the blank 2
driana Gonzalez and Sylvester Van Horne formed a partnership, dividing income as follows: Annual salary allowance to Gonzalez of $25,000. Interest of 5% on each partner’s capital balance on January 1. Any remaining net income divided to Gonzalez and Van Horne, 2:1. Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,000. Required: How much net income should be distributed to Gonzalez and Van Horne?Gonzalez: $fill in the blank 1Van Horne: $fill in the blank 2 I got this question wrong for Gonzalez I put 49500 and Van home 24750 wrong.
Adriana Gonzalez and Sylvester Van Horne formed a partnership, dividing income as follows: 1. Annual salary allowance to Gonzalez of $25,000. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Gonzalez and Van Horne, 2:1. Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,000. Required: How much net income should be distributed to Gonzalez and Van Horne? Gonzalez: $ Van Horne:
John Prado and Ayana Nicks formed a partnership, dividing income as follows:1. Annual salary allowance to Prado, $10,000 and Nicks, $28,000.2. Interest of 5% on each partner’s capital balance on January 1.3. Any remaining net income divided equally.Prado and Nicks had $20,000 and $50,000, respectively, in their January 1 capital balances. Net income for the year was $30,000.How much net income should be distributed to Prado and Nicks?
Lia Chen and Martin Monroe formed a partnership, dividing income as follows:1. Annual salary allowance to Chen of $35,000.2. Interest of 4% on each partner’s capital balance on January 1.3. Any remaining net income divided to Chen and Monroe, 2:1.Chen and Monroe had $90,000 and $140,000, respectively, in their January 1 capital balances. Net income for the year was $70,000.How much net income should be distributed to Chen and Monroe?
Juan and Pedro’s partnership agreement shows that they will receive a salary of P 150,000 and P 100,000, respectively. Should there be a remainder, such will be divided based on their average capital balances. Below shows information in their respective capital balances:Juan, capital ending balance – P 3,000,000Debits: June 1 - P 500,000Credits: March 30 – P 1,000,000Credits: October 30 – P 500,000 Pedro, capital ending capital balance – P 4,500,000Credits: May 1 – P 1,000,000Credits: August 31 – P 1,000,000Income for the year amounted to P 300,000. How much profit will be distributed to Juan?
Lia chen and Martin Moore formed a partnership, dividing income as follows: 1. Annual salary allowance to chen of $35,000 2. Interest of 4% on each partner's capital balance on January 1. 3. Any remaining net income divided to chen and monroe, 2:1 Chen and monroe had $90,000 and $140,000, respectively, in their january1 capital balances. Net income for the year was $70,000 How much net income should be distributed to chen and monroe?
Emmett and Sierra formed a partnership dividing income as follows: 1. Annual salary allowance to Emmett of $35,500 2. Interest of 8% on each partner's capital balance on January 1 3. Any remaining net income divided equally. Emmett and Sierra had $35,000 and $128,700, respectively in their January 1 capital balances. Net income for the year was $236,000. How much net income should be distributed to Emmett?
Steve Prince and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance to Prince of $179,220. Interest of 6% on each partner's capital balance on January 1. Any remaining net income divided to Prince and Dane, 1:2. Prince and Dane had $87,000 and $93,000, respectively, in their January 1 capital balances. Net income for the year was $309,000. How much net income should be distributed to Prince and Dane?
Emerson and Dakota formed a partnership dividing income as follows: 1. Annual salary allowance to Emerson of $40,000 2. Interest of 10% on each partner's capital balance on January 1 3. Any remaining net income divided equally. Emerson and Dakota had $22,800 and $128,400, respectively, in their January 1 capital balances. Net income for the year was $233,600. How much net income should be distributed to Dakota? Previous Next 3:24 PM 局 12/14/2021 53°F Sunny A a
Emerson and Dakota formed a partnership dividing income as follows: 1. Annual salary allowance to Emerson of $34,000 2. Interest of 10% on each partner's capital balance on January 1 3. Any remaining net income divided equally. Emerson and Dakota had $34,000 and $142,000, respectively, in their January 1 capital balances. Net income for the year was $230,800. How much net income should be distributed to Dakota?
Emerson and Dakota formed a partnership dividing income as follows: Annual salary allowance to Emerson of $34,000 Interest of 10% on each partner's capital balance on January 1 Any remaining net income divided equally. Emerson and Dakota had $30,000 and $146,800, respectively, in their January 1 capital balances. Net income for the year was $201,600. How much net income should be distributed to Dakota?$fill in the blank 1