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1.5376 TE Current Attempt in Progress At the end of its first year of operations on December 31, 2022, Cullumber Company's accounts show the following.
1.5376 TE Current Attempt in Progress At the end of its first year of operations on December 31, 2022, Cullumber Company's accounts show the following. Partner Art Niensted Greg Bolen Krista Sayler Drawings $24.380 11.564 10,600 Capital $50,880 31,800 26,500 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2022 has not been closed to the partners' capital accounts. (a) Your answer is partially correct. lehdissement 2022undeschulthetwinnisidents motions Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1 2 Net income is $31,800. Income is shared 6:3:1. Net income is $42,400, Niensted and Bolen are given salary allowances of $15.900 and $10,600, respectively. The remainder is shared equally 3. Net income is $20,140. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15.900 salary allowance. The remainder is shared equally, No. Account Titles and Explanation Debit Credit 1. Income Summary 31800 A Niensted, Capital IC G. Bolen Capital Sayler, Capital Income Summary K.Sayler. Capital 2. income Summary A. Niensted, Capital G. Bolen, Capital K Sayler, Capital 3. Income Summary 1 DUTE A Niensted Capital G. Bolen, Capital Kswier, Capital DIVISION OF NET INCOME Greg Bolen Art Niensted Krista Sayler TC Salary allowance $ $ interest allowance on capital 1 Total salaries and nterest Remaining excess/ deficiency Total division of net ncome $ 1.3376 !!! CULLUMBER COMPANY Partners' Capital Statement Art Niensted Greg Bolen Krista Say! $ $ e Textbook and Media Sove for Later Attempts: 0 of 5 used Submit Answer CULLUMBER COMPANY Partners' Capital Statement Art Niensted Greg Bolen Krista Sayler Total 1 $ $
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