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please only do the 3 journal entries for these. I have already done the calculations so I only need the journal entries for them. thanks
please only do the 3 journal entries for these. I have already done the calculations so I only need the journal entries for them. thanks
I Task 1.2: Kelly and Paino are partners who earn an annual salary of $10 000 and $15 000 respectively, and have an income ratio of 4:3. Show the entry to allocate the net income, based on the following unrelated situations: (a) net income of $55 000 (b) net income of $20 000 (c) net loss of $8 000. Task 1.2 Calculations: A) Kelly Paino Total B) Kelly Paino Total Income Ratio 4:3 Income Ratio 4:3 Net Income Net Income Income Distribution Income Distribution Salary Salary Net Income allocated PRIOR to ratio application Net Income allocated PRIOR to ratio application Share of income based on income ratio Share of income based on income ratio Total allocation of net income Total allocation of net income C) Kelly Paino Total Income Ratio 4:3 Net Income Income Distribution Salary Net Income allocated PRIOR to ratio application Share of income based on income ratio Total allocation of net income (A) Income Ratio 4:3 Net Income Income Distribution Salary Net Income allocated PRIOR to ratio application Share of Income based on income ratio Total allocation of Net Income (B) Income Ratio 4:3 Net Income Income Distribution Salary Net Income allocated PRIOR to ratio application Share of Income based on income ratio Total allocation of Net Income (C) Income Ratio 4:3 Net Income Income Distribution Salary Net Income allocated PRIOR to ratio application Share of Income based on income ratio Total allocation of Net Income Kelly $10,000 $10,000 $17,143 $27,143 Kelly $10,000 $10,000 -$2,857 $7,143 Kelly $10,000 $10,000 -$18,857 -$8,857 Paino $15,000 $15,000 $12,857 $27,857 Paino $15,000 $15,000 -$2,143 $12,857 Paino $15,000 $15,000 -$14,143 $857 Total $55,000 $25,000 $30,000 $55,000 Total $20,000 $25,000 -$5,000 $20,000 Total -$8,000 $25,000 -$33,000 -$8,000Step by Step Solution
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