If the articles of partnership provide for annual salary allowances of $36,000 and $18,000 to X and Y respectively and net income is $30,000, X's share of net income is $20,000
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Why is writing analytical reports more challenging than writing informational reports?
What will be an ideal response?
On December 9, A issues a 60-day promissory note to B. The December 31 adjusting entry for B is
A) Interest Payable - Debit; Cash - Credit B) Interest Receivable - Debit; Interest Income - Credit C) Interest Expense - Debit; Cash - Credit D) Interest Expense - Debit; Interest Payable - Credit
The rise of social media and social networking use in recent years has given rise to the evolution of ________.
What will be an ideal response?
An employee receives an hourly rate of $30, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $300; cumulative earnings for year prior to current week, $90,700; social security tax rate, 6.0% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid the employee?
A) $1,470 B) $1,059.75 C) $1,381.80 D) $1,249.50