1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Naily [24]
3 years ago
7

Hay, Straw and Clover formed the HSC Partnership, agreeing to share profits and losses equally. Clover will manage the business

for which he will receive a guaranteed payment of $30,000 per year. Cash receipts and disbursements for the year were as follows:Net income from operations (before guaranteed payment) - $ 90,000 Guaranteed payment to clover - 30,000 What is clover's share of the partnership's ordinary income and guaranteed payment?A. Ordinary income, $30,000; Guaranteed payment, $10,000
B. Ordinary income, $20,000; Guaranteed payment, $10,000
C. Ordinary income, $30,000; Guaranteed payment, $30,000
D. Ordinary income, $20,000; Guaranteed payment, $30,000
Business
1 answer:
Sergeeva-Olga [200]3 years ago
6 0

Answer:

D. Ordinary Income: $20,000 , Guaranteed payment: $30,000

Explanation:

Ordinary Income refers to that part of income which is classified under salaries, wages or net income in case of Partnership. Such income is taxable at ordinary rates.

Net income refers to income arrived at after deduction of all expenses and taxes from profits. In case of partnership, profits and losses are distributed in agreed profit sharing ratio as per the clause in partnership deed.

In the given case,

Net Income before adjusting guaranteed payment to Clover: $90,000

Less: <u>Guaranteed payment to Clover</u>:                                       <u>($30,000)</u>

Ordinary Income/Net Income for all 3 partner's                       $60,000

Clover's share in ordinary income is one third i.e                   $20,000

Clover's guaranteed payment                                                    $30,000

You might be interested in
What is the time of the slowest workstation in a production​ system?
GalinKa [24]

Correct/Complete Question:

What is the time of the slowest workstation in a production​ system?

A. utilization

B. bottleneck time

C. effective capacity

D. throughput time

Answer:

B, bottleneck time

Explanation:

A bottleneck in a production system refers to a constraint in the production system where supply takes the longest time to meet up with demand for a particular good.

In the production processes, bottleneck time is the time takencapacity of the ful in a certain process of production as a result of the limited capacity of the process, thereby reducing the entire production chain.

Simply put, a bottleneck is a delay in time of one of the production process thereby slowing down the entire production system.

Cheers.

3 0
3 years ago
The pricing function is an integral part of the companies :
ozzi

Answer:

Yes

Explanation:

Pricing plays an essential role for a product and organisation. At a very basic level, an organisation exists to make profit. A price must cover the cost of a good sold.

Pricing also plays a role in the perception of a product (marketing mix). For example, an Apple product is not cheap because of some perceived value of the product.

Another reason why pricing is integral is in times of competition, it may be worthwhile to use price to take market share from competitors.

8 0
3 years ago
Select the correct answer.
GrogVix [38]

Answer:

A

Explanation:

trust me it is

7 0
3 years ago
What are commercial bank?
Bogdan [553]

Answer:

A commercial bank is a type of bankthat provides services such as accepting deposits, making business loans, and offering basic investment products that is operated as a business for profit.

6 0
3 years ago
Read 2 more answers
An agreement to purchase goods and services with a specified percentage of proceeds from an original sale in that country from a
gizmo_the_mogwai [7]

Answer:

B)an offset.

Explanation:

4 0
3 years ago
Other questions:
  • Do you know why sustainable business is important?
    6·1 answer
  • Sarah just received an invoice for $12,000 with terms of 2/10, n/30. The invoice date was June. Her contract with the vendor ind
    10·1 answer
  • What is the overall process for developing information systems from planning and analysis through implementation and maintenance
    9·1 answer
  • What is the difference between a shortage and a scarcity?
    15·1 answer
  • Which of these assumptions is often realistic for a firm in the short run? a. The firm can vary both the size of its factory and
    10·1 answer
  • Graphically illustrate (using the WS and PS relations) and explain the effects of an increase in the markup on the equilibrium r
    12·1 answer
  • Your younger sister needs $50 to buy a new bike. she has opened a lemonade stand to make the money she needs. your mother is pay
    8·1 answer
  • 11
    9·1 answer
  • Which business function is concerned with delivering a product or service to customers?
    14·1 answer
  • describe the difference in economic profit between a competitive firm and a monopolist in both the short and long run. which sho
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!