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Day and night formed an accounting partnership in 2014. Capital transactions for Day and Night during 2014 are as follows: Transaction Amount Date Day 1/1
Day and night formed an accounting partnership in 2014. Capital transactions for Day and Night during 2014 are as follows: Transaction Amount Date Day 1/1 4/1 6/1 11/1 Beginning balance Withdrawal Investment Investment $75,000 19,200 37,800 19,200 Night 1/1 7/1 10/1 Beginning balance Investment Withdrawal $37,800 19,200 9,000 Partnership net income for the year ended December 31, 2014; is $69,000 before considering salaries or interest. Determine the amount of profit that is to be allocated to Day and Night in accordance with each of the following independent profit-sharing agreements: Net income is to be allocated in the ratio of average capital balances. (Round intermediate calculations to 6 decimal places, e.g. 1.576843 answers to o decimal places, e.g. 5,125.) Day Night Profit Allocation $
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