Tanner and Teresa share income and losses in a 2:1 ratio (2/3 to Tanner and 1/3 to Teresa) after allowing for salaries of $39,900 to Tanner and $57,000 to Teresa. Net income of the partnership is $131,400. How should income be divided for Tanner and Teresa? Oa. Tanner, $62,900; Teresa, $68,500 Ob. Tanner, $58,900; Teresa, $72,500 Oc. Tanner, $57,900; Teresa, $73,500 Od. Tanner, $73,500; Teresa, $57,900
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- The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits and losses in a 1:3 ratio, with capital balances of $60,000 each. Maureen wants to retire and withdraw. Prepare a schedule showing how the cost should be divided if Amal and Michelle decide to pay Maureen $70,000 for retirement of her capital account and the new agreement will share profits and losses 50:50.Tanner and Teresa share income and losses in a 2:1 ratio (2/3 to Tanner and 1/3 to Teresa) after allowing for salaries of $43,500 to Tanner and $59,100 to Teresa. Net income of the partnership is $134,400. How should income be divided for Tanner and Teresa? a.Tanner, $64,700; Teresa, $69,700 b.Tanner, $59,700; Teresa, $74,700 c.Tanner, $60,700; Teresa, $73,700 d.Tanner, $74,700; Teresa, $59,700In their partnership agreement, John, Roy, and Kim, have an income/loss distribution ratio of 4:2:1. How much would each of the three partners receive from an income of $168,000? John will get: $_____________; Roy: $ ____________; and Kin will receive:$ __________
- Carrie and Callie form a partnership in which Carrie contributes $85,000 in assets and agrees to devote half time to the partnership. Callie contributed $50,000 in assets and agrees to devote full time to the partnership. If no additional information is available, how will Carrie and Callie share in the division of income? In the ratio of:Tanner and Teresa share income and losses in a 2:1 ratio (2/3 to Tanner and 1/3 to Teresa) after allowing for salaries of $42,000 to Tanner and $60,000 to Teresa. Net income of the partnership is $132,000. How should income be divided for Tanner and Teresa? Oa. Tanner, 558,000, Teresa, $74,000 Ob. Tanner, $75,000; Teresa, $57,000 Oc. Tanner, $57,000, Teresa, $75,000 Od. Tunner, $62,000, Teresa, $70,000Maria and Javier are the equal partners in MarJa, a partnership that is a qualfied trade or business. In the current year, MarJa had $280,200 of ordinary income after reporting $336,240 in guaranteed payments to Maria and Javier for their services to MarJa ($168,120 each). a. What is Maria's and Javier's qualified business income?$ b. What is Maria's and Javier's qualified business income if MarJa had $392,280 of ordinary income after reporting $168,120 in guaranteed payments to Maria and Javier ($84,060 each)?$
- Franco and Jason share income and losses in a 2:1 (2/3 to Franco and 1/3 to Jason) ratio after allowing for salaries of $18,000 and $37,500, respectively. If the partnership suffers a $15,000 loss, by how much would Jason's capital account increase? a.$26,500 b.$32,500 c.$14,000 d.$37,500Xavier and Yolanda have original investments of $49,600 and $96,200, 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 $29,700 and $29,700, respectively; and the remainder to be divided equally. How much of the net income of $112,000 is allocated to Yolanda? O a. $19,240 O b. $48,940 Oc. $60,660 Od. $72,792Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $65,200 and $29,200, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $45,000. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership? a. $65,200 b. $29,200 c. $32,600 d. $45,000
- In their partnership agreement, Jane, Jill, and Bridget, have an income/loss distribution ratio of 5:3:2. How much would each of the three partners receive from an income of $120,000? Jane will get …$ Jill will get ----$ Bridget will get….$Maria and Javier are the equal partners in MarJa, a partnership that is a qualified trade or business. In the current year, MarJa had $376,200 of ordinary income after reporting $451,440 in guaranteed payments to Maria and Javier for their services to MarJa ($225,720 each). a. What is Maria's and Javier's qualified business income? $ b. What is Maria's and Javier's qualified business income if MarJa had $526,680 of ordinary income after reporting $225,720 in guaranteed payments to Maria and Javier ($112,860 each)?Seth and Rachel 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 $27,000 and $18,000, respectively; and the remainder divided equally. How much of the net loss of $16,000 is allocated to Seth?