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Anderson, Mackey, and Brenner have capital balances of $24,000, 536,000 and $80,000, respectively. The partners share profits and losses as follows: a. The first $60,000
Anderson, Mackey, and Brenner have capital balances of $24,000, 536,000 and $80,000, respectively. The partners share profits and losses as follows: a. The first $60,000 is divided based on the partners' capital balances. b. The next $50,000 is based on service shared equally by Anderson and Brenner. Mackey does not receive a salary allowance. c. The remainder is divided equally. Read the requirements Requirement 1. Compute each partner's share of the S127.000 net income for the year. (Complete all answer boxes. For amounts that are $0, make sure to enter "o in the appropriate column.) Anderson Mackey Brenner Total Net income (loss) Capital allocation: Anderson Mackey Brenner Salary allowance: Anderson Mackey Brenner Total salary and capital allocation Net income (loss) remaining for allocation Remainder shared equally: Anderson Mackey Brenner Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners Enter any number in the edit fields and then click Check
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