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Fantom [35]
3 years ago
5

Partners Gary and Elaine have agreed to share profits and 1osses in an 80:20 ratio respectively, after Gary is allowed a salary

allowance of $30,000 and Elaine is allowed a salary allowance of $15,000. If the partnership had net income of $30,000 for 2017 Elaine's share of the income would be A) 15,000 B) 12,000 C)18, 000 D) 3,000 E) None of the above
Business
1 answer:
Verizon [17]3 years ago
5 0

Answer:

E) None of the above

Explanation:

In partnership, the partners earn profit. The salary allowances are considered as though paid to a third party and are considered before arriving at the net income.

As such, given that net income is $30,000 and is to be shared in the ratio 80:20 between Gary and Elaine respectively.

Elaine's share = (20/100) × $30,000

                        = $6,000

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Wilson Enterprises applies overhead based on direct labor cost. The company estimates that their overhead for the year will be $
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Answer:

Applied Overhead is higher than actual overhead. Hence, manufacturing overhead is $ 4,000

Explanation:

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Overhead\  rate = \frac{Estimated\  Overhead}{Estimated\ direct\ labor\ cost}

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Depreciation by Two Methods
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The amount of annual depreciation by the straight-line method is $18,800.

<h3>Annual depreciation</h3>

a.  Annual depreciation

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Learn more about annual depreciation here:brainly.com/question/16448059

brainly.com/question/24213593

#SPJ1

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