Question
Noemi Loop, Lilia Hopkin and Guy Scoggin perform in a band operating as a partnership. According to the partnership agreement, Noemi receives a salary of
Noemi Loop, Lilia Hopkin and Guy Scoggin perform in a band operating as a partnership. According to the partnership agreement, Noemi receives a salary of $22,000, Lilia receives a salary of $26,000, and Guy a salary of $27,000. They are also to receive nominal interest of 3% on the capital at the end of the preceding year (capital balances are Noemi - $1,000, Lilia - $13,000, Guy - $23,000). The remainder is divided equally. During the year partners withdrew $18,000 each as an advance to their share of partnership earnings. The band made $91,710 after paying all other expenses.
Prepare a table showing changes in the partners' capital during 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 values that must be subtracted and negative balances.
Total | Noemi | Lilia | Guy | |
Opening Capital Balance | Answer | Answer | Answer | |
Net Income | Answer | |||
Salaries | Answer | Answer | Answer | Answer |
Interest | Answer | Answer | Answer | Answer |
Net Income Remaining | Answer | Answer | Answer | Answer |
Net Income Allocated to Partners | Answer | Answer | Answer | |
Capital Before Drawings | Answer | Answer | Answer | |
Drawing During the Year | Answer | Answer | Answer | |
Closing Capital Balance | Answer | Answer | Answer |
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