1. Determine each partner's share of income assuming the partners agree to share income by giving a $27,000 per yoar salary allowance to Price, a $50.000 per year salary allowance to Waterhouse, a $46.000 per year salary allowance to Coopers, a 15% inserest on their iffitial copital investments; and the remaining balance shared equally: 2. Prepare a statement of partners' equity for the year ended December 31 . Complete this question by entering your answers in the tabs below. Prepare a statement of parthers' equity for the year endod December 31. Hint: Use answers from Required 1 to prepare the statement. (Do not round intermediate calculations. Enter all allowances as positive values. Enter losses and whidrawals as negstive values.) Owner Withdrawals hues Expenses 1. Determine each partner's share of income assuming the partners egree to share income by giving a $27,000 per yoar salary Whance to Price, a $50,000 per year saliry allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, a 15% interest on their intial capital imvestments, and the remaining balance shared equally. 2. Prepare a statement of partners' equity for the year ended December 31 . Complete this question by entering your answers in the tabs below. Determine each partner's share of income assuming the parthers agree to share income by giving a $27,000 per year salary allowance to Price, a $50,000 per year salary allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, a 15% interest on their initial copital investments, and the remaining bolance shared equally. (Enter all allewances as poitive values. Enter losses as negotive values.) Owner Initial Investments Expenses Salaries expense Supplies expense Advertising Insurfince expense expen Expenses Insurance expense: $32,000 Rent expense Expenses Salaries expense Supplies expense Advertising Insurance expense expense Revenues Expenses Salaries expense Revenues nsurance expense Supplies expense Rent expense Owner Initial Investments \begin{tabular}{c|cc|} \hline Advisory services & Auditing revenue & Tax services \\ revenue & revenue \end{tabular} Owner Withdrawals Price Waterhouse Coopers so $500 $1,000 $1,500 Owner Withdrawals Coopers: $2,000 2,500 $3,000 Expenses Owner Initial Investments \begin{tabular}{r|c|c|} \hline$50,000 & & \\ \hline$25,000 & & \\ \hline & \begin{tabular}{c} Advisory services Auditing revenue \\ revenue \end{tabular} & \begin{tabular}{c} Tax services \\ revenue \end{tabular} \\ \hline & & \\ \hline \end{tabular} Rent expense Owner Withdrawals Price Waterhouse Coopers so $500 $1,000 $1,500 $2,000 $2,500 $3,000 Revenues Expenses Advertising Insurance expense expense Rent expense Revenues Expenses Salaries expense Advertising Insurance expense expense Supplies expense Rent expense
