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Nady [450]
3 years ago
15

Xavier and Yolonda have original investments of $100,000 and $50,000 respectively in a partnership. The articles of partnership

include the following provisions regarding the division of net income: interest on original investment at 15%, salary allowances of $22,000 and $20,000 respectively, and the remainder equally. If the business has a net income of $90,000, how much of that should be allocated to Xavier?
Business
1 answer:
sveticcg [70]3 years ago
4 0

Answer:

Total of Xavier's share = $49750

Explanation:

The allocation of net income to both Xavier and Yolonda will be as follows,

Net Income                              90000

<u>Interest on Capital:</u>

Xavier(0.15 * 100000)      15000  

Yolonda(0.15 * 50000)    <u>  7500</u>   <u> (22500) </u>

                                              67500

<u>Salary:</u>  

Xavier                           22000  

Yolonda                           <u>20000</u>      (<u>42000)</u>

                                               25500

<u>Share of remaining profit:</u>  

Xavier                             12750  

Yolonda                             <u>12750</u>        <u>25500 </u>

<u />

Total of Xavier's share = 15000 + 22000 + 12750  = $49750

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Stylist Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been
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Answer:

Date General Journal            Debit ($)    Credit ($)

July 31 Fees Earned                    520,400    

               Wages Expense                          488,000  

               Rent Expense                                    65,000  

               Supplies Expense                              11,200  

               Miscellaneous Expense             13,900  

               Marlena Fenton, Capital            (57,700)

(To close Revenue and Expense accounts)    

July 31 Marlena Fenton, Capital 11,000  

               Marlena Fenton, Drawing             11,000

Explanation:

Marlena Fenton, Capital = $880,000

Marlena Fenton, Drawing = $11,000

Fees Earned = $520,400

Wages Expense = $488,000

Rent Expense = $65,000

Supplies Expense = $11,200

Miscellaneous Expense = $13,900

Marlena Fenton, Capital =  $520,400  -($488,000 + $65,000 + $11,200 + $13,900) = ($ 57,700)

7 0
3 years ago
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to sharehol
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Answer:

Date           Account Title                                            Debit                 Credit

Feb 12        Cash                                                    $18,000,000

                  Common Stock                                                            $2,000,000

                  Paid in Capital in excess of Com-                              $16,000,000

                  mon stock par value      

<u>Working</u>

Cash = 2 million shares * $9 = $18,000,000

Common stock = 2 million * $1 par value = $2,000,000

Date           Account Title                                            Debit                 Credit

Feb 13       Legal expenses                                    $360,000      

                 Common Stock                                                                $40,000

                  Paid in Capital in excess of Com-                                 $320,000

                  mon stock par value

<u>Working </u>

Cash = 40,000 shares * 9 = $360,000

Common Stock = 40,000 * 1 = $40,000

Date           Account Title                                            Debit                 Credit

Feb 13        Cash                                                      $945,000

                  Common stock                                                               $80,000

                  Preferred Stock                                                              $200,000

                  Paid in Capital in excess of Com-                                 $640,000

                  mon stock par value

                  Paid in Capital in excess of Pre-                                   $25,000

                  ferred stock par value

                 

<u>Working:</u>

Common stock = 80,000 shares * 1 = $8,000

Preferred stock = 4,000 shares * $50 = $200,000

Paid in Cap, Common = 80,000 * (9 - 1) = $640,000

Date           Account Title                                            Debit                 Credit

Nov. 15     Equipment                                             $3,688,000

                 Common Stock                                                               $380,000

                 Paid in Capital in excess of Com-                               $3,308,000

                  mon stock par value

<u>Working:</u>

Common stock = 380,000 * $1 = $380,000

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