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
nadezda [96]
3 years ago
9

Crane Co. reports net income of $64,000. Partner salary allowances are Pitts $13,000, Filbert $4,000, and Witten $8,000. Indicat

e the division of net income to each partner, assuming the income ratio is 51 : 26 : 23, respectively.
Business
1 answer:
Dafna1 [17]3 years ago
6 0

Answer:

Pitts = $19,890

Filbert = $10,140

Witten = $8,970

Explanation:

First, calculate the distributable income

Distributable Income = Net income - Total salary allowances = $64,000 - ( $13,000 + $4,000 + $8,000 ) = $64,000 - $25,000 = $39,000

Now calculate the net income share of each partner using following formula

Share = Distributable profit x Income ratio

Pitts = $39,000 x 51% = $19,890

Filbert = $39,000 x 26% = $10,140

Witten = $39,000 x 23% = $8,970

You might be interested in
Total surplus with a tax is equal to a. consumer surplus minus producer surplus. b. consumer surplus plus producer surplus plus
anygoal [31]

Answer:

Option (b) is correct.

Explanation:

The total surplus is defined as the sum total of producer surplus and consumers surplus. Total surplus with a tax is defined as the combined total of producers and consumers surplus and tax revenue that is earned by the government of a particular nation.

Consumers surplus = Willingness to pay for the product - Actual amount paid for the product

Producers surplus = Actual amount received for the product - Willingness to accept for the product

6 0
3 years ago
You want to be a venture capitalist (you have a lot of money to invest in other business that needed money) and recently identif
vfiekz [6]

Answer:

Invest money yourself and start a small venture capital company.

Explanation:

Venture capital is business financing strategy for startups which require high investments but also have high risk. The returns for such business is also high due to the risk exposure. These business have potential to grow beyond expectations. The investments is made by a person in the company to give it rise because of its long term growth potential. The solar power generation have trend that is gaining significance so investing in such a business is intelligent move.

6 0
2 years ago
Bull'sEye sells gift cards redeemable for Bull'sEye products either in-store or online. During 2016, Bull'sEye sold $2,000,000 o
alekssr [168]

Answer:

b) $1,950,000

Explanation:

Value of gift cards redeemed with those whose date of redemption has passed, will both have the amount to revenue out of $2,000,000 of the gift cards sold.

Total gift card revenue to be recognized in 2016 = $1,800,000 + $150,000

Total gift card revenue to be recognized in 2016 = $1,950,000

4 0
2 years ago
An adjustment factor is determined by:
PtichkaEL [24]

Answer:

An adjustment factor is determined by the 'Valuer-General'

Explanation:

adjustment Factors are resolved for  all properties inside a civil territory.  The Valuer-General may decide  Alteration Factors for characterized classes  of property on a district, territory,  or group of localities basis within a premise inside a  city territory. These are applied to government valuations currently in  force.

In occurrences where a revaluation  is being completed inside a metropolitan  region, utilization of Adjustment Factors won't  be fundamental as the revaluation itself  will be utilized by the applicable experts  in the figuring of rates and expenses.

4 0
3 years ago
The controller ▼ is is not correct in his justification with respect to classifying costs as product or period​ costs; this dete
jolli1 [7]

Answer:

Explanation:

Under GAAP, every cost incurred should be classified into either  period cost or product cost, where:

Product Cost:

The cost business has incurred right now, but will benefit from it in future for e.g. raw materials used to manufacture something which will be sold in next period (by the way period means the time span for which business is reporting its performance like year or quarter). these generally include direct labor, materials and manufacturing over heads

these costs should be capitalized and expensed out in future as the inventory is used.

Period Cost:

all other costs from which business has benefited completely in current period, including admin sales and distribution related costs

these should be expensed out in current period.

for warehousing costs, if they pertain to raw materials and semi finished goods they will be capitalized but if they pertains to finished goods they will be expensed out (as there is no benefit expected from them in future now)

for research and development, every research cost should be expensed out for e.g. feasibility studies under GAAP, but if product found to be commercially viable then the development costs can be capitalized as intangible asset(with the same logic as these will be exactly like manufacturing costs for tangible products).          

4 0
2 years ago
Other questions:
  • A. Suppose the wages of computer-factory workers rises. This will cause (the supply / the demand) of tablet computers to (shift
    6·1 answer
  • Pitt Enterprises manufactures jeans. All materials are introduced at the beginning of the manufacturing process in the Cutting D
    8·1 answer
  • Competition affects prices, but does not have any other effects.<br> True<br> False
    15·2 answers
  • Describe at least two non-discretionary expenses that you expect to have at some point in your life.
    12·1 answer
  • The Babylonians in sumer used what as a monetary commodity ?
    7·1 answer
  • E marketplace can take two different formats, which are
    8·1 answer
  • A taxpayer, in the 25% bracket before considering the sale, sold for a gain of $10,000 a residential rental building, purchased
    6·1 answer
  • Department M had 2,000 units 40% completed in process at the beginning of June, 12,000 units completed during June, and 1,200 un
    12·1 answer
  • Shawn Company had 130 units in beginning inventory at a total cost of $13,650. The company purchased 260 units at a total cost o
    14·1 answer
  • Suppose that the bakers of bread face an increase in the price of flour (an input). in the market for bread, this will cause the
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!