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nika2105 [10]
2 years ago
8

Kramer and Knox began a partnership by investing $60,000 and $80,000, respectively. Assume that the partners agreed to share net

income and loss by granting annual salary allowances of $50,000 to Kramer and $40,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally.
1. Determine the partners' shares of Kramer and Knox given a first-year net income of $98,800. (Losses and amounts to be deducted should be entered with a minus sign.)
2. Determine the partners' shares of Kramer and Knox given a first-year net loss of $16,800. (Losses and amounts to be deducted should be entered with a minus sign.)

Business
1 answer:
Gwar [14]2 years ago
5 0

Answer:

1. $53.4 for Kramer and $45.5 for Knox

2. -$4.4 for Kramer and -$12.4 for Knox

Explanation:

Partner’s agreement before dividing profit or loss is to grant salaries and 10% interest to the partners. In effect, this agreement will be followed whether the partnership incurs profit or losses for the period. First, all salaries should be given to the partners and the 10% interest as well. Any excess whether profit of loss will be divided equally by the partners. Computation of division of profit or loss are attached for proper demostration.

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rjkz [21]

The best ground on which the defendant ( Company S ) can dismiss the suit filed by the plaintiff (Company T) is the standing to sue.

<h3>What is standing to sue?</h3>

Standing to sue refers to a situation where the plaintiff who has filed the case must prove with appropriate proof of having damages or injuries in respect of the conduct of the defendant.

In the provided case, Company T has to prove that the products of Company S are actually defective through appropriate evidence. If Company T can't able to prove their alleged claim before the court, then the case is decided in the favor of the defendant party, that is, Company S.

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4 0
1 year ago
Exchanged all of the securities for shares of preferred stock, which were not mandatorily redeemable. Market values at the date
ValentinkaMS [17]

Answer:

The full question is as follows <em>"The following accounts were among those reported on Good Corp.'s balance sheet at December 31, year 1: Available-for-sale securities (market value $140,000) $80,000 Preferred stock, $20 par value, 20,000 shares issued and outstanding 400,000 Additional paid-in capital on preferred stock 30,000 Retained earnings 900,000 On January 20, year 2, Good exchanged all of the available-for-sale securities for 5,000 shares of Good's preferred stock. Market values at the date of the exchange were $150,000 for the available-for-sale securities and $30 per share for the preferred stock. The 5,000 shares of preferred stock were retired immediately after the exchange. Prepare the general journal entry, without explanation, to record this event."</em>

Date    General Journal Entry                                  Debit             Credit

            Preferred stock A/c                                   $100,000

             (5000*$20)          

            Add. paid-in capital on preferred stock   $7,500

             (30000 * 1/ 4)          

            Retained earnings                                     $42,500

                  Trading securities A/c                                               $140,000

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spayn [35]

Answer:

Beta of a security is the covariance of the security return with the return on the market portfolio divided by variance of the market return.

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