Anderson, Macer, and Bell have capital balances of $22,000, $33,000, and $55,000, respectively. The partners share profits
Question:
a. The first $50,000 is divided based on the partners' capital balances.
b. The next $50,000 is based on services, shared equally by Anderson and Bell. Macer does not receive a salary allowance.
c. The remainder is divided equally.
Requirements
1. Compute each partner's share of the $112,000 net income for the year.
2. Journalize the closing entry to allocate net income for the year?
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Requirement 1 Partner Capital Share of 50000 Service Share of 50000 Share of Remaining ...View the full answer
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Related Book For 
Horngrens Accounting
ISBN: 978-0134674681
12th edition
Authors: Tracie L. Miller nobles, Brenda L. Mattison, Ella Mae Matsumura
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