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hello i need help on part C as im having trouble Veda Martin and Gordon Clark have a partnership agreement with the following provisions for
hello i need help on part C as im having trouble
Veda Martin and Gordon Clark have a partnership agreement with the following provisions for sharing profit or loss: 1. A salary allowance of $33,400 to Martin and $42,900 to Clark 2. An interest allowance of 5% on capital balances at the beginning of the year 3. The remainder to be divided between Martin and Clark on a 2:3 basis The capital balances on January 1, 2024, for Martin and Clark were $88,600 and $109,100, respectively. For the year ended December 31 , 2024 , the Martin Clark Partnership had sales of $367,200; cost of goods sold of $270,000; operating expenses of $140,400; V. Martin drawings of $25,956; and G. Clark drawings of $31,104. (a) Your answer is correct. Prepare an income statement for Martin Clark Partnership for the year. Your answer is correct. Prepare an income statement for Martin Clark Partnership for the year. Prepare a schedule to show how the loss will be allocated to the two partners. (Put a negative sign for losses or deficiencies preceding the number e.g. -45 or parentheses e.g. (45). Ignore answer boxes that do not need amounts in them.) MARTIN CLARK PARTNERSHIP Division of Loss Year Ended December 31, 2024 V. Martin Loss Salary allowance V. Martin G. Clark Total Deficiency remaining for allocation Interest allowance V. Martin G. Clark Total Deficiency remaining for allocation i Total Fixed ratio V. Martin G. Clark Total Loss remaining for allocation Loss allocated to the partners Prepare a statement of partners' equity for the year
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