Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Curly, Larry and Moe formed a partnership that provides residential plumbing services. The business has a December 31 year end. At the beginning of the

image text in transcribed
Curly, Larry and Moe formed a partnership that provides residential plumbing services. The business has a December 31 year end. At the beginning of the year, the opening balance in Curly's capital account was $160,500, Larry's opening capital balance was $321,000 and Moe's opening capital balance was $240,750. The business reported a net income of $418,700. Their partnership agreement provided for sharing of net income (loss) on the following basis: 1. Salary allocation of $113,100 to Curly, $61,900 to Larry and $72,800 to Moe 2. Remainder shared where Curly gets 20%, Larry gets 15% and Moe gets 65%. Prepare a table showing changes in the partners' capital during the year. Do not enter dollar signs or commas in the input boxes. Do not enter use the negative sign in your answers. Round your answers to the nearest whole number. Total Curly Larry Moe Net Income 418700 Salaries 247800 113100 61900 72800 Remainder 170900 Share of remainder 170900 34180 25635 111085 Transferred to partner's capital 147280 87535 183885

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Of The Safety Of Electrical Installations

Authors: Papa Samba Agne

1st Edition

6205799308, 978-6205799307

More Books

Students also viewed these Accounting questions