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First photo is the question and the second photo is the excel template for answers. thank you! PA 1. LO 15.3 The partnership of Tatum
First photo is the question and the second photo is the excel template for answers. thank you! PA 1. LO 15.3 The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partner's capital account. Tatum's capital account balance is $50,000 and Brook's is $60,000. \begin{tabular}{|l|l|l|l|l|} \hline 15.1A & \multicolumn{1}{|c}{ Tatum } & \multicolumn{1}{l|}{ Brook } & Total \\ \hline LO 15.3 & & & \\ \hline Salaries & & & \\ \hline Remaining income allocation & & & \\ Total division of income & & & \\ \hline \end{tabular} DR Account CR Account DR Amount CR Amount \begin{tabular}{|l|l|l|l|l|} \hline 15.1 B & Tatum & \multicolumn{1}{c}{ Brook } & Total \\ \hline LO 15.3 Salaries & & & \\ \hline Remaining income allocation Total division of income & & & \\ \cline { 2 - 5 } & & & & \\ \hline \end{tabular} DR Account CR Account DR Amount CR Amount
First photo is the question and the second photo is the excel template for answers. thank you!
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