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puteri [66]
3 years ago
6

Steve King and Chelsy Boxer formed a partnership, dividing income as follows: Annual salary allowance to Boxer of $125,670. Inte

rest of 5% on each partner's capital balance on January 1. Any remaining net income divided to King and Boxer, 1:2. King and Boxer had $60,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $213,000. How much is distributed to King and Boxer?
Business
1 answer:
DaniilM [7]3 years ago
8 0

Answer:

King =  29260

Boxer = 183740

Explanation:

The Distribution of Net income will be as follows.

Net Income                                          $213000

<u>Less: Interest on Capital</u>

King                                    3000

Boxer                                  <u>5550</u>           (8550)

<u>Less: Salary</u>

Boxer                                                      <u>(125670)</u>

Residual Profit                                        78780

<u>Share of Profit</u>

King [78780 * 1/3]                                   26260

Boxer [78780 * 2/3]                               <u>52520</u>

<u />

King = 3000 + 26260 = 29260

Boxer = 5550 + 125670 + 52520 = 183740

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Answer:

The plant would have to work 8.33 hours

Explanation:

Initial productivity:

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New productivity:

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Number of hours the plant would have to work to produce 1000 parts = 1000/120 = 8.33 hours

3 0
3 years ago
Consider the relative liquidity of the following assets:Assets1. A $5 bill2. The funds in a savings account3. A boat you own4. A
Irina-Kira [14]

Answer:

Boat is an asset.

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Second most = Fund in saving account

Third most = Bond

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Explanation:

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3 years ago
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aksik [14]

Answer:

(A) Accounts Payable - Liabilities

(D) Equipment  - Assets

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Explanation:

The major categories in a balance sheets are: Assets, Liabilities and Owner's Equity,

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Liabilities represent the obligations of the company with all kind of creditors.

And finally Owner's Equity it's the Capital that support part of the Assets along with the Liabilites.

4 0
3 years ago
Amanda and jack are working on their taxes and need to determine which form to file. they had wages, interest, and dividends. in
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I guess the correct answer is 1040.

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<u>Solution:</u>

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8 0
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