b. Interest is 10 percent of weighted-average capital balances. Salaries are $24,200 to Eastwood, $21,900 to North, and $26,500 to West. North receives a bonus of 10 percent of net income after deducting the bonus and her salary. Any remainder is divided equally. Net income was $68,760. (Do not round intermediate calculations. Round the final answers to nearest whole dollar. Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign.) c. West receives a bonus of 20 percent of net income after deducting the bonus and the salaries. Salaries are $21,800 to Eastwood, $18,900 to North, and $16,100 to West. Interest is 10 percent of beginning capital balances. Eastwood, North, and West divide any remainder in an 8:7:5 ratio, respectively. Net income was $96,280.

Chapter 15 Homework i Saved 8 C. Eastwood, A. North, and M. West are manufacturers' representatives in the architecture business. Their capital accounts in the ENW partnership for 20X1 were as follows: 5.88 C. Eastwood, Capital points 9/1 8, 700 1/1 31, 600 5/1 7, 300 A. North, Capital eBook 3/1 9,609 1/1 41, 900 7/1 5, 100 9/1 4, 600 Print M. West, Capital 8/1 13, 200 1/1 50,500 4/1 7,602 References 6/1 4, 400 Required: For each of the following independent income-sharing agreements, prepare an income distribution schedule. a. Salaries are $16,500 to Eastwood, $20,400 to North, and $19,800 to West. Eastwood receives a bonus of 5 percent of net income after deducting his bonus. Interest is 10 percent of ending capital balances. Eastwood, North, and West divide any remainder in a 3:3:4 ratio, respectively. Net income was $77,700. (Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign.) Eastwood North West Total Profit ratio 3 3 4 10 Ending capital Net income Salary U Bonus 0 Interest on ending capital balance 0 Residual income (deficit) $ 0 Allocate Total $ 0 $ 0 $ 0