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Armstrong, Macer, and Bryant have capital balances of $18,000, $27.000, and $45,000, respectively. The partners share profits and losses as follows a. The first $40,000
Armstrong, Macer, and Bryant have capital balances of $18,000, $27.000, and $45,000, respectively. The partners share profits and losses as follows a. The first $40,000 is divided based on the partners' capital balances b. The next $40,000 is based on service, shared equally by Armstrong and Bryant Macer does not receive a salary allowance c. The remainder is divided equally Read the requirements Requirement 1. Compute each partner's share of the $101,000 net income for the year. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column) Armstrong Macer Bryant Total Net income (loss) Capital allocation: Armstrong Macer Bryant Salary allowance: Armstrong Macer Bryant Enter any number in the edit fields and then click Check Answer Topucin nels slale plus au lgses as tollows a. The first $40,000 is divided based on the partners' capital balances. b. The next $40,000 is based on service, shared equally by Armstrong and Bryant Macer does not receive a salary allowance c. The remainder is divided equally Read the requirements Salary allowance Armstrong Macer Bryant Total salary and capital allocation Net income (loss) remaining for allocation Remainder shared equally: Armstrong Macer Bryant Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners
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