10 11 12 Partnerships Using Excel for partnerships G . Green, White and Cedar are partners in the GWC Services consulting practice. The partnership agreement states any income or loss is to be distributed in the following order Services contributed by the partners, compensated by salaries 1. 2 Interest on the capital balance- 3. Remaining net income is to be divided 32:1 to Green, White and Cedar Salaries and capital balance information: Salaries Capital balance Green White Cedar $ 60,000 $30,000 $ 45,000 120,000 150,000 200,000 Q S U 13 Use the blue shaded areas on the ENTER ANSWERS tob for inputs 14 Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked wrong. Enter all amounts as positive 15 values. Do not use a minus sign or parentheses for any values to be subtracted. For camounts/accounts with a 50 balance, make sure to enter "0" in the appropriate cell 16 17 Requirements 18 19 20 21 1 Assume that during the year ended 12/31/18, the partnership earned net income of $320,000. Distribute the net income among the three partners in accordance with the partnership agreement. Dollar amounts should be in whole dollars. Use dollar signs and double underlines where appropriate 2. Now assume the net income was $100,000 for the year. Distribute the net income among the three partners in accordance with the partnership agreement Dollar amounts should be in whole dollars. Use dollar signs and double underlines where appropriate Possible Paints 29 19 D DATA Green White Cedar Total Salaries $ 60,000 5 30,000 $ 45,000 $ 135,000 Capital balance 120,000 150,000 200,000 470,000 Net Income, Requirement 1 320,000 Net Income, Requirement 21 100,000 Interest on Capital balance 6% Remainder of Net Income (oss) 2 1 6 All cell references and formulas/functions should use values from DATA table; do not reference Instructions tab Requirement 1 Distribute net income of $320,000. Dollar amounts should be in whole dollars. Use dollar signs and double underlines where appropriate. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked wrong.) GWC Services Net Income Salary allowances: Capital allocation: Net Income Doss) remaining for allocation Remainder Net income Boss) remaining for allocation Net Income (loss) allocated to each partner Schedule of Distribution of Income Year Ended December 31, 2018 Green White Cedar Total Requirement 2 Distribute net income of $100,000. Dollar amounts should be in whole dollars Use dollar signs and double underlines where appropriate. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked wrong) GWC Services Schedule of Distribution of Income Year Ended December 31, 2018 Net income Salary allowances Capital allocation Net loss remaining for allocation Remainder Net income (osa) remaining for allocation Net income Goss) allocated to each partner Green White Cedar Total