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Nadine Hoop, Lauretta Hodge and George Smar perform in a band operating as a partnership. According to the partnership agreement, Nadine receives a salary of
Nadine Hoop, Lauretta Hodge and George Smar perform in a band operating as a partnership. According to the partnership agreement, Nadine receives a salary of $19,000, Lauretta receives a salary of $29,000, and George a salary of $31,000. They are also to receive nominal interest of 3% on the capital at the end of the preceding year (capital balances are Nadine - $1,000, Lauretta - $14,000, George - $25,000). The remainder is divided equally. During the year partners withdrew $19,000 each as an advance to their share of partnership earnings. The band made $99,400 after paying all other expenses. Prepare a table showing the income distribution for the year. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. Use the negative sign for negative values or values that must be subtracted. Total Hoop Hodge Smar Opening Capital Balance 40000 1000 14000 25000 Withdrawals During the Year X -25000 x -25000 X Subtotal 24000 x Net Income Salaries Interest Remainder Opening Capital Balance Withdrawals During the Year Subtotal Net Income Salaries Interest Remainder Share of Profit to Partners Transfer to Partner's Capital Accounts Closing Capital Balance 40000 1000 14000 25000 -25000 X -25000 X 24000 X
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