Question
For 2020, Bob earned a salary of $42117. Each partner receives interest of 8% of the beginning capital balance for the year. Total income of
For 2020, Bob earned a salary of $42117. Each partner receives interest of 8% of the beginning capital balance for the year. Total income of the partnership in 2020 was $120266.
Capital 1/1/2020
Profit/loss% Withdrawals in 2020
Alice 39285 30% 15,000
Bob 26528 25% 45,000
Carol 41594 45% 30,000
How much income should be attributed to Alice in 2020?
What is Bob's capital balance at 12/31/2020?
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Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
14th Edition
1260247821, 978-1260247824
