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please i need to solve this problem today :) and thanks Examples: 1- Arnold, Beverly, and Carolyn are partners who share profit and losses 40:40:20,
please i need to solve this problem today :) and thanks
Examples: 1- Arnold, Beverly, and Carolyn are partners who share profit and losses 40:40:20, respectively, after Beverly, who manages the partnership, receives a bonus of 10% of income. Partnership income for the year is $506,000. Required: Prepare a schedule to allocate partnership income to the partners. 2- The partnership agreement of Dan, Helen, and Brandie provides that profits are to be divided as follows: - Brandie receives a salary of $12,000, and Helen receives a salary of $9,000 for time spent in business. - All partners receives 10% interest on capital. - Remaining profits and losses are divided equally among the three partners. On January, 1, 2009, the capital balances were Dan, $100,000; Helen, $80,000; and Brandie, $75,000. Dan invested an additional $20,000 on July 1 and withdrawals $20,000 on October 1 . Helen and Brandie had drawings of $ 9,000 each during the year. Required: Prepare a schedule to allocate partnership net income of $14,000 for 2009 assuming the interest is calculated on average capitals balances Step by Step Solution
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