Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

if you can do it on exel i would gladly appreciate it At the end of its first year of operations on December 31, 2020,

if you can do it on exel i would gladly appreciate it
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
At the end of its first year of operations on December 31, 2020, NBS Company's accounts show the following Partner Drawings Capital Art Niensted $22,900 $49,000 Greg Bolen 13,600 34,000 Krista Sayler 10,800 23,500 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2020 has not been closed to the partners' capital accounts. Journalize the entry to record the division of net income for the year 2020 under each of the following independent assumptions (a) (1) Net income is $28,300. Income is shared 6:3:1. (2) Net income is $39,600. Niensted and Bolen are given salary allowances of $15,200 and $10,300, respectively. The remainder is shared equally (3) Net income is $18,900. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14,250 salary allowance. The remainder is shared equally. (b) Prepare a schedule of division of net income based upon (a) (3) above (c) Prepare a partner's capital statement based on (b) B C D F G H (a) Credit 3 on AG 4 och N 5 6 7 (2) DOO 7 18 19 10 Account Titles Debit 1 (1) 0 2 1 3 -2 4 -3 5 14 6 15 16 8 17 9 18 10 19 11 20 12 Calculation to support net income distribution for (a)(2) above: 21 13 22 14 23 15 24 16 25 17 26 18 27 19 28 20 Account Titles Debit 30 22 31 23 32 24 33 25 34 26 35 27 Calculations to support net income distribution for (a)(3) above: 36 28 37 29 38 30 39 31 40 32 41 33 11 12 13 14 15 16 17 29 21 (3) Credit 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 SSSSSSSSS Prob 12-2A(1) Prob12-2A(2) Sheet3 G H | B C D E F 11 12 Calculation to support net income distribution for (a)(2) above: 13 14 11 12 19 20 21 22 N- 13 23 15 CON 8 29 Credit 24 16 25 17 26 18 27 19 28 20 21 (3) Account Titles Debit 30 22 31 23 32 24 33 25 34 26 35 27 Calculations to support net income distribution for (a)(3) above: 36 28 37 29 38 30 31 40 32 41 33 42 34 35 44 36 45 37 46 38 47 39 48 40 49 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 39 43 50 51 52 53 54 55 CE Prob 12-2A(1) Prob12-2A(2) Sheet3 B D D E F G H J -2 231 24 14 25 15 26 16 27 17 28 18 29 19 30 20 13 14 15 16 17 18 19 20 31 32 33 34 35 NBS Company Partners' Capital Statement For the Year Ended December 31, 2020 Art Greg Niensted Bolen 36 37 Krista Sayler Total 1 2 3 4 ooh 6 7 8 9 10 38 1 39 21 40 3 41 4 42 5 43 6 44 7 45 8 46 9 47 10 48 49 50 51 52 53 54 55 56 57 58 59 Prob 12-2A(1) Prob12-2A(2) Sheet3 +

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting And Reporting

Authors: John McKeith, Bill Collins

2nd Edition

0077138368, 978-0077138363

More Books

Students also viewed these Accounting questions