and have formed a partnership. During their first year of operations, the partnership earned . Their profit-and-loss-sharing agreement states that, first, each partner will receive % of their capital balances. The second level is based on services, with to and to . The remainder then will be shared : between and , respectively.

Payton and Waddington have formed a partnership. During their first year of operations, the partnership earned $60,000. Their-profit-and-loss-sharing agreement states that, first, each partner will receive 15% of their capital balances. The second level is based on services, with $10,000 to Payton and $12,000 to Waddington. The remainder then will be shared 2:3 between Payton and Waddington, respectively. Read the requirements. Payton Waddington Total Requirements Net income (loss) Capital allocation: Payton Waddington Salary allowance: Payton 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Payton's capital balance is $98,000 and Waddington's capital balance is $98,000. 2. Journalize the entry to close the Income Summary account for the year. Waddington Total salary and capital allocation Net income (loss) remaining for allocation Share of remainder: Payton Print Done Aladdinetan Etext pages Calculator Get more help Clear all Check answer Payton and Waddington have formed a partnership. During their first year of operations, the partnership earned $60,000. Their-profit-and-loss-sharing agreement states that, first, each partner will receive 15% of their capital balances. The second level is based on services, with $10,000 to Payton and $12,000 to Waddington. The remainder then will be shared 2:3 between Payton and Waddington, respectively. Read the requirements. Salary allowance: Payton Waddington Total salary and capital allocation Net income (loss) remaining for allocation Share of remainder: Payton Waddington Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners Etext pages Calculator Get more help Clear all Check