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Please do A, B and C The income statement for the Apple-Jack Partnership for the year ended December 31,205, follows: Additional Information for 205 1.
Please do A, B and C
The income statement for the Apple-Jack Partnership for the year ended December 31,205, follows: Additional Information for 205 1. Apple began the year with a capital balance of $42,000. 2. Jack began the yeat with a capital balance of $121,000. 3. On April 1, Apple invested an additional $18,000 into the parthership. 4. On August 1, Jack invested an additional $24,000 into the partnership. 5. Throughout 205, each partner withdrew $500 per week in anticipation of partnership net income. The partners agreed that these withdrawals ate not to be included in the computation of average capltal balances for purposes of income distributions. Apple and Jack have agreed to distribute partnership net income according to the following plan: Required: o. Prepare a schedule that discloses the distribution of pattiership net income for 205. b. Prepare the statement of partners' capital at December 31, 205. c. How would your answer to part a change if all of the provisions of the income distribution plan were the same except that the salaries were $38,000 to Apple and $29.889 to Jack? Complete this question by entering your answers in the tabs below. Prepare a schedule that discloses the distribution of partnership net income for 205. Note: Do not round Intermedate calculations. Round your final answers to nearest whole dollar, Amounts that are to be deducted from an individual partner's copital balance should be entered with a minus sign. Complete this question by entering your answers in the tabs below. Prepare the statement of partners' capital at December 31,205. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Amounts that are to be deducted from an individual partnei's capital balance should be entered with a minus sign. How would your answer to part a change if all of the provisions of the income distribution plan were the same except that the salaries were $38,000 to Apple and $29,889 to Jack? Note: Do not round Intermediate calculations. Round your final answers to nearest whole-dollar. Amounts that are to be deducted from an individual partner's capital batance should be entered with a minus-sign Step by Step Solution
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