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(Solved) uuluuul I- wuu,uuu 7 wuu,uuu 7 w;u,uuu — 7 uu..:,uuu, w;u,uuu 7 LU [u] “31¢”:qu — DLL'UUU 71. The partnership agreement of Alix, Gise, and...


uuluuul I- wuu,uuu 7 wuu,uuu 7 w;u,uuu — 7 uu..:,uuu, w;u,uuu 7 LU [u] “31¢”:qu — DLL'UUU 71. The partnership agreement of Alix, Gise, and Bosco provides for the following income ratio: (a) Alix, the managing partner, receives a salary allowance of $108,000, (b) each partner receives 15% interest on average capital investment, and (c) remaining net income or loss is divided equally. The average capital investments for the year were: Alix $600,000, Gise $1,200,000, and Bosco $1,800,000. If partnership net income is $720,000, the amount distributed to Gise should be: a. $180,000. b. $186,000. c. $204,000. d. $240,000. Ans: C, LO: 3, Bloom: AP, Difficulty. Medium, Min: 3, AACSB: Analysis, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA Solution: $720,000 — $108,000 — (.15) ($600,000 + $1,200,000 + $1,800,000) = $72,000; (.15) ($1,200,000) + (72,000 / 3) = $204,000
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