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QUESTION

Franco and Jason share income and losses in a 2:1 ratio after allowing for salaries to Franco of $15,000 and $30,000 to Jason.

Franco and Jason share income and losses in a 2:1 ratio after allowing for salaries to Franco of $15,000 and $30,000 to Jason. If the partnership suffers a $15,000 loss, by how much would Jason’s capital account increase?1. $20,0002. $10,0003. $40,000 4. $25,000Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $40,000 and $60,000 respectively. Income Summary has a credit balance of $20,000. What is Saturn’s capital balance after closing Income Summary to Capital? 1. $55,000 2. $75,0003. $65,000 4. $45,000Carla and Eliza share income equally. During the current year the partnership net income was $40,000. Carla made withdrawals of $12,000 and Eliza made withdrawals of $17,000. At the beginning of the year, the capital account balances were: Carla capital, $42,000; Eliza capital, $55,000. Eliza’s capital account balance at the end of the year is 1. $75,0002. $82,000 3. $52,000 4. $58,000Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and $120,000 respectively. Income Summary has a credit balance of $30,000. What is Tomas’ capital balance after closing Income Summary to Capital? 1. $22,5002. $57,500 3. $102,500 4. $127,500
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