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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

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3 0
3 years ago
You are saving for retirement. To live​ comfortably, you decide you will need to save $ 2 million by the time you are 65. Today
vichka [17]

Answer:

Annual deposit= $14,789.43

Explanation:

Giving the following information:

You decide you will need to save $ 2 million by the time you are 65.

The interest rate is 5 %​. The number of years until 65 is 42.

We need to use the following Final Value formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (2000000*0.05)/[(1.05^42)-1]= $14,789.43

4 0
3 years ago
he Allowance for Doubtful Accounts T-account will have the ______ on the credit side. Multiple choice question. sales on account
lukranit [14]

The Allowance for Doubtful Accounts T-account will have the write-offs of specific customers sales discounts and allowances on the credit side.

<h3>What is Doubtful Accounts?</h3>

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Thus, option B is correct.

For more details about Doubtful Accounts, click here:

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8 0
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vovikov84 [41]

Answer:

a. the alternative punishments that are available  

Explanation:

Alternative punishments generally tend to change the support patterns with more softline polling members opting for alternative punishments rather than death penalty.

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vovangra [49]

Answer:

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