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laila [671]
3 years ago
8

PROBLEMThe PQ partnership has the following plan for the distribution of partnership net income (loss):P QSalaries $60,000 $100,

000Bonus in net income 6% 12%Interest on average capital balances 7% 7%Remainder (if positive) 60% 40%Remainder (if negative) 50% 50% Required:Calculate the distribution of partnership net income (loss) for each independent situation below (for each situation, assume the average capital balance of P is $140,000 and of Q is $240,000).1. Partnership net income is $360,000.2. Partnership net income is $240,000.3. Partnership net loss is $40,000.

Business
1 answer:
Yanka [14]3 years ago
3 0

Answer:

1. P = $156,560; Q = $203,440

2. P = $90,320; Q = 149,680

3. P = -$43,500; Q = $3,500

Explanation:

The explanation is given in images for each situation:

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Assume that interest rates on 15-year noncallable Treasury and corporate bonds with different ratings are as follows: T-bond = 7
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3 years ago
Lindsey Company uses activity-based costing. The company has two products: A and B. The annual production and sales of Product A
natita [175]

Answer:

Results are below.

Explanation:

<u>First, we need to calculate the activities rate:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Activity 1= 24,000 / 1,000= $24 per activity unit

Activity 2= 36,900 / 900= $41 per activity unit

Activity 3= 63,000 / 1,800= $35 per activity unit

<u>Now, we can allocate costs to product A:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Activity 1= 24*200= $4,800

Activity 2= 41*750= $30,750

Activity 3= 35*1,000= $35,000

Total allocated costs= $70,550

<u>Finally, the unitary cost:</u>

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3 0
3 years ago
John Jansen, an employee of Redwood Company, had gross earnings for the month of May of $4,000. FICA taxes are 7.65% of gross ea
Anastasy [175]

Answer:

The net pay for John Jansen is $2894

Explanation:

For calculating the net pay for John Jansen we have to subtract all the FICA taxes and federal income taxes and also state income taxes, with authorized voluntary deductions also being subtracted from the gross earnings .

Given information -          Gross earning                         = $4000

                                         FICA taxes                                = 7.65%

                                         Federal income taxes               = $675

                                         State income taxes                    = 3%

                                       Authorized voluntary deductions = $5

One important to remember here is that FICA taxes and State taxes would be calculated on the gross earnings of John

FICA taxes = 7.65% of $4000

                  = .0765 x $4000

                  = $306

State taxes = 3% of $4000

                   = .03 x $4000

                   = $120

NET PAY = gross earnings - FICA tax - state tax - federal income tax -

                                                         authorized voluntary deduction

   = $4000 - $306 - $120 - $675 - $5

   = $2894

 

7 0
3 years ago
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