Question
Nadine Hoop, Lilia Hopkin and Gary Short perform in a band operating as a general partnership. According to the partnership agreement, Nadine receives a salary
Nadine Hoop, Lilia Hopkin and Gary Short perform in a band operating as a general partnership. According to the partnership agreement, Nadine receives a salary of $20,000, Lilia receives a salary of $28,000, and Gary a salary of $27,000. They are also to receive nominal interest of 7% on the capital at the end of the preceding year. (As of that date, capital balances were Nadine - $1,300, Lilia - $8,000, Gary - $25,000). The remainder is divided equally. During the year, the partners withdrew $22,000 each as an advance to their share of partnership earnings. The band made $117,901 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 | Hopkin | Short | |
Opening Capital Balance | Answer | Answer | Answer | Answer |
Withdrawals During the Year | Answer | Answer | Answer | |
Subtotal | Answer | Answer | Answer | |
Net Income | Answer | |||
Salaries | Answer | Answer | Answer | Answer |
Interest | Answer | Answer | Answer | Answer |
Remainder | Answer | |||
Share of Profit to Partners | Answer | Answer | Answer | |
Transfer to Partner's Capital Accounts | Answer | Answer | Answer | Answer |
Closing Capital Balance | Answer | Answer | Answer | Answer |
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