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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
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 $189,000, Larry's opening capital balance was $378,000 and Moe's opening capital balance was $283,500. The business reported a net income of $493,900. Their partnership agreement provided for sharing of net income (loss) on the following basis: 1. Salary allocation of 5116,800 to Curly, 565,100 to Larry and $85,900 to Moe 2. Remainder shared where Curly gets 15%, Larry gets 35% and Moe gets 50% 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 Bound your answers to the nearest whole number Total Curly Larry Moe Net Income 493900 Salaries 267800 109100 71300 85200 Remainder Share of remainder Transferred to partner's capital by Prepare the journal entry to record the distribution of net income. Assume revenues and expenses have been closed to the income summary account Date Debit Credit Account Title and Explanation Income Summary . Decat 493900 Capital Curly Capital, Larry Capital Me Allocate income to partners
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