Farmer and Taylor formed a partnership with capital contributions of $250,000 and $300,000, respectively. Their partnership agreement calls for Farmer to receive a $80,000 per year salary. The remaining income or loss is to be divided equally. Assuming net income for the current year is $195,000, the journal entry to allocate net income is:
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Farmer and Taylor formed a partnership with capital contributions of $250,000 and $300,000, respectively. Their partnership agreement calls ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
What is the future worth 5 years from now of a present cost of $105,000 to Hydron, Inc., at an interest rate of 12% per year compounded monthly?
Answers (1)
Suppose that a manufacturer needs to produce a custom aluminum housing for a special customer order. Because it currently does not have the equipment necessary to make the housing, it would have to acquire machines and tooling at a fixed cost (net
Answers (1)
Assuming no direct factory overhead costs (i. e., inventory carry costs) and $3 million dollars in combined promotion and sales budget, the Bit product manager wishes to achieve a product contribution margin of 35%.
Answers (1)
A firm that sells a single product had a beginning inventory of 4,000 units with a total cost of $28,000. Early in the year, 10,000 units were purchased at $9 each. Using FIFO, what is the value of the ending inventory of 3,000 units?
Answers (1)
Neal and joe met recently at an accounting job fair. neal lost his job when his company downsized last week and even though it came as a complete surprise, he was given two months severance pay to hold him over until he finds a new position.
Answers (1)
New Questions in Business
If a partnership is liquidated, how is the final allocation of business assets made to the partners? Group of answer choices A. Equally B. According to profit and loss sharing ratios C. According to final capital account balances D.
Answers (1)
If the money supply is $250 billion and nominal GDP is $1 trillion, the velocity of money is:
Answers (1)
Bonita is giving a speech on job specialization for her business class
Answers (1)
Which of the following should be disclosed by a company providing health care benefits to its retirees? I. The assumed health care cost trend rate used to measure the expected cost of benefits covered by the plan. II.
Answers (1)
A computer game that can be purchased online and played right away has good
Answers (1)