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C. Eastwood, A. North, and M. West are manufacturers accounts in the ENW partnership for 20X1 were as follows: C. Eastwood, Capital A. North, Capital M. West, Capital For each of the following independent income-sharing agreements, prepare an income distribution schedule. Salaries are $15,200 to Eastwood, $21,600 to North, and $19,500 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 $79,800. (Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign.) Interest is 10 percent of weighted-average capital balances. Salaries are $25,100 to Eastwood, $22.300 to North, and $25,700 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 $69,270.(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. Eastwood, A. North, and M. West are manufacturers accounts in the ENW partnership for 20X1 were as follows: C. Eastwood, Capital A. North, Capital M. West, Capital For each of the following independent income-sharing agreements, prepare an income distribution schedule. Salaries are $15,200 to Eastwood, $21,600 to North, and $19,500 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 $79,800. (Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign.) Interest is 10 percent of weighted-average capital balances. Salaries are $25,100 to Eastwood, $22.300 to North, and $25,700 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 $69,270.(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.)Step by Step Solution
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