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i need the solution for these 2 questions in details (tables). please hurry :/ Examples: 1- Arnold, Beverly, and Carolyn are partners who share profit
i need the solution for these 2 questions in details (tables). please hurry :/
Examples: 1- Arnold, Beverly, and Carolyn are partners who share profit and losses 40:40:20, respectively, after Beverly, who manages the partnership, receives a bonus of 10% of income. Partnership income for the year is $506,000 Required: Prepare a schedule to allocate partnership income to the partners. 2- The partnership agreement of Dan, Helen, and Brandie provides that profits are to be divided as follows: Brandie receives a monthly salary of $1,000, and Helen receives annual salary of $9,000 for time spent in business. All partners receives 10% interest on average capital Remaining profits and losses are divided equally among the three partners. On January, 1, 2009, the capital balances were Dan, $100,000; Helen, $80,000; and Brandie, $75,000. Dan invested an additional $20,000 on July1 and withdrawals $20,000 on October 1. Required: 2. Prepare a schedule to allocate partnership net income of $14,000 for 2009 assuming the interest is calculated on average capitals balances. H.W.: E15-2, E 15-13, E 15-19. P 15-4 . 38Step by Step Solution
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