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please help! I am using chegg on a phone and the answers got cut off Allen, Miller, and Bailey have capital balances of $20,000, $30,000,
please help! I am using chegg on a phone and the answers got cut off
Allen, Miller, and Bailey have capital balances of $20,000, $30,000, and $50,000, respectively. The partners share profits and losses as follows: The first $50,000 is divided based on the partners' capital balances. The next $50,000 is based on service, shared equally by Allen and Bailey. Miller does not receive a salary allowance. The remainder is divided equally Read the requirements b. c. Requirement 1. Compute each partner's share of the $121,000 net income for the year. (Complete all answer boxes. For amounts that are $0, make Allen Miller Bailey Total Net Income (loss) Capital allocation: 10,000 15,000 Allen Miller Bailey Salary allowance: Allen Miller 25.000 0 35,000 15,000 Bailey Total salary and capital allocation Net Income (os) remaining for allocation Remainder shared equally Allen Millor Bailey Tot allocation 7.000 7.000 Not income oss) remaining for allocation Net income foss) allocated to the partners 42.000 22.000 Step by Step Solution
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