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Partner bonuses, statement of partnership equity The partnership of Angel Investor Associates began operations on January 1 , 2 0 Y 5 , with contributions
Partner bonuses, statement of partnership equity
The partnership of Angel Investor Associates began operations on January Y with contributions from two partners as follows:
Dennis Overton
$
Ben Testerman
The following additional partner transactions took place during the year:
In early January, Randy Campbell is admitted to the partnership by contributing $ cash for a interest.
Net income of $ was earned in In addition, Dennis Overton received a salary allowance of $ for the year. The three partners agree to an incomesharing ratio equal t
The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income.
Prepare a statement of partnership equity for the year ended December Y If an amount box does not require an entry, leave it blank.
Angel Investor Associates
Statement of Partnership Equity
For the Year Ended December
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