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
Inessa05 [86]
3 years ago
10

Fred and Barney started a partnership. Fred invested $20,000 in the business and Barney invested $32,000. The partnership agreem

ent stipulated that profits would be divided as follows: Each partner would receive a 15% return on invested capital with the remaining income being distributed equally between the two partners. Assuming that the partnership earned $38,000 during an accounting period, the amount of income assigned to the two partners would be:
Business
1 answer:
svet-max [94.6K]3 years ago
8 0

Answer:

The amount of income assigned to the two partners would be $18,100 and $19,900 respectively.

Explanation:

For computing the amount of income assigned to the two partners, we have to do the following calculations which are shown below:

1. Dividend amount for each partner:

For Fred = Invested amount × rate of return

              = $20,000 × 15%

              =$3,000

For Barney =  Invested amount × rate of return

                  = $32,000 × 15%

                  = $4,800

The total dividend amount equals to

= Fred dividend + barney dividend

= $3,000 + $4,800

= $7,800

2. Now compute the remaining amount, and divide it in the sharing ratio

So, the remaining amount would be

= Partnership income - total dividend amount

= $38,000 - $7,800

= $30,200

So the Fred income would be = $30,200 × 50% = $15,100

And, the barney income would be = $30,200 × 50% = $15,100

So, the amount of income:

For Fred = Dividend income + remaining income

              = $3,000 + $15,100

              = $18,100

For Barney = Dividend income + remaining income

                   =$4,800 + $15,100

                   = $19,900

Hence, the amount of income assigned to the two partners would be $18,100 and $19,900 respectively.

You might be interested in
Use the information presented in Southwestern Mutual Bank's balance sheet to answer the following questions. Bank's Balance Shee
lord [1]

Answer:

Southwestern Mutual Bank

This would increase the loans account and the deposit account by $100 respectively.

Explanation:

a) Data and Calculations:

Southwestern Mutual Bank

Balance Sheet

Assets                                    Liabilities and Owners' Equity

Reserves             $150          Deposits                         $1,200

Loans                 $600           Debt                                 $200

Securities           $750           Capital (owners' equity)  $100

Total assets     $1,500          Total liabilities + equity $1,500

New customer deposit = $100

New loans made by the owners = $100

3 0
2 years ago
The four traits of constructive criticism are _______.
Dmitrij [34]

Answer:

The answer to this question is given below in the explanation section.

Explanation:

Constructive criticism is the process to offer valid and well-reasoned reponed or opinion about other works, it includes both positive and negative comments in a friendly way rather than an oppositional one.

There are four traits of constructive critisim.

So, the correct answer to this question is given below:

D: Positivity, Solution-Oriented, Specific, and private.

While other options are not correct because the four traits of constructive criticism are starting from positivity, solution-oriented, specific, and private.

8 0
2 years ago
Read 2 more answers
Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?
Alexeev081 [22]

Please see attached image to see the given data.

 

The trial balance totals of the debits and credits are $2,250 debit, $2,250 credit.

 

<span>$1000 (cash) + $500 (Equipment) + $750 (Salaries Expense) = $2,250 Debit

$350 (Accounts Payable) + $900 (Capital) + $1000 (Service Fees) = $2,250 Credit</span>

7 0
3 years ago
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses
PtichkaEL [24]

Answer:

Following are the solution to this question:

Explanation:

In all the given choices some of the data is missing so, its correct entry can be defined as follows  

Cash account $7,840

Sales discount $160

To Accounts receivable $8,000

8 0
3 years ago
_____ involves marketing philosophies, policies, procedures, and actions whose primary objective is the enhancement of society.
Leto [7]

Social responsibility in marketing refers to marketing philosophies, strategies, practices, and actions whose main goal is to improve society and safeguard the environment by using environmentally friendly goods and methods.

SOCIAL RESPONSIBILITY: WHAT IS IT?

Sustainability can be attained through social responsibility. Any business or system can increase its chances of long-term sustainability and success by adopting fundamental social responsibility principles including accountability and transparency.

An organization's accountability for the effects of its choices and actions on people, the environment, and society through openness and moral behavior that: contributes to societal well-being and sustainable development, including health reflects an awareness of stakeholder expectations is in accordance with all current laws and international standards of conduct is incorporated across the business and used in partnerships.

to know more about social responsibility

brainly.com/question/12951431

#SPJ4

4 0
1 year ago
Other questions:
  • Identify the BEST description of the Balanced​ Scorecard's customer perspective. To achieve our​ firm's vision and​ strategy: A.
    6·1 answer
  • After asking yourself what you are good at and what you enjoy doing, you will be able to discover:
    5·2 answers
  • 3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash?
    13·1 answer
  • Consider this scenario: a company that buys a sizeable amount of equipment for its manufacturing process needs to accurately rep
    13·1 answer
  • Rudd Corp. had 700,000 shares of common stock authorized and 300,000 shares outstanding at December 31, 2016. The following even
    12·1 answer
  • Carol Cagle has a repetitive manufacturing plant producing trailer hitches in​ Arlington, Texas. The plant has an average invent
    10·1 answer
  • Fabri Corporation is considering eliminating a department that has an annual contribution margin of $27,000 and $73,000 in annua
    7·1 answer
  • He has $800 to spend and wants to buy either a camera or a new photo editing software. Both the camera and the software cost $80
    11·1 answer
  • Why do high school students need to have a career plan?Fastest reply gets brainliest!
    14·1 answer
  • Describe three ways that a business can grant credit. Why might granting credit to other businesses be risky for a supplier?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!