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- In their
partnership agreement, John, Roy, and Kim, have an income/loss distribution ratio of 4:2:1. How much would each of the three partners receive from an income of $168,000? John will get: $_____________; Roy: $ ____________; and Kin will receive:$ __________
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- In their partnership agreement, Jane, Jill, and Bridget, have an income/loss distribution ratio of 5:3:2. How much would each of the three partners receive from an income of $120,000? Jane will get …$ Jill will get ----$ Bridget will get….$Tanner and Teresa share income and losses in a 2:1 ratio (2/3 to Tanner and 1/3 to Teresa) after allowing for salaries of $43,500 to Tanner and $59,100 to Teresa. Net income of the partnership is $134,400. How should income be divided for Tanner and Teresa? a.Tanner, $64,700; Teresa, $69,700 b.Tanner, $59,700; Teresa, $74,700 c.Tanner, $60,700; Teresa, $73,700 d.Tanner, $74,700; Teresa, $59,700Tanner and Teresa share income and losses in a 2:1 ratio (2/3 to Tanner and 1/3 to Teresa) after allowing for salaries of $39,900 to Tanner and $57,000 to Teresa. Net income of the partnership is $131,400. How should income be divided for Tanner and Teresa? Oa. Tanner, $62,900; Teresa, $68,500 Ob. Tanner, $58,900; Teresa, $72,500 Oc. Tanner, $57,900; Teresa, $73,500 Od. Tanner, $73,500; Teresa, $57,900
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- The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits and losses in a 1:3 ratio, with capital balances of $60,000 each. Maureen wants to retire and withdraw. Prepare a schedule showing how the cost should be divided if Amal and Michelle decide to pay Maureen $70,000 for retirement of her capital account and the new agreement will share profits and losses 50:50.Maria and Javier are the equal partners in MarJa, a partnership that is a qualfied trade or business. In the current year, MarJa had $280,200 of ordinary income after reporting $336,240 in guaranteed payments to Maria and Javier for their services to MarJa ($168,120 each). a. What is Maria's and Javier's qualified business income?$ b. What is Maria's and Javier's qualified business income if MarJa had $392,280 of ordinary income after reporting $168,120 in guaranteed payments to Maria and Javier ($84,060 each)?$Franco and jason share income and losses in a 2:1 (2/3 to Franco and 1/3 to Jason) ratio after allowing for salaries of $15000 and $30000 respectively. IF the partnership suffers a $15000 loss by how much would Jason's capital account increase?
- Carrie and Callie form a partnership in which Carrie contributes $85,000 in assets and agrees to devote half time to the partnership. Callie contributed $50,000 in assets and agrees to devote full time to the partnership. If no additional information is available, how will Carrie and Callie share in the division of income? In the ratio of:L&J Interests is a partnership with two equal partners, Linda and Joanne. The partnership has income for the year of $44,400 before guaranteed payments. Guaranteed payments of $26,640 are paid to Linda during the year. Calculate the amount of income that should be reported by Linda and Joanne from the partnership for the year. Linda should report income of: $ Joanne should report income of: $Partners Coleen and Norlyn received a salary of 150000 and 300000 and will share profit and loss in a 2:1 ratio respectively. If the partnership suffered a 150,000 loss in 2020, determine how the loss will be distributed to Coleen and Norlyn.Coleen's share on profit or loss?Norlyn's share on profit or loss?How much is the total amount to be distributed using the 2:1 ration?