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please show all work Will, Jill, and Bill formed a partnership on January 1, 2017, with investments of $120,000, $60,000, and $80,000, respectively. For division
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Will, Jill, and Bill formed a partnership on January 1, 2017, with investments of $120,000, $60,000, and $80,000, respectively. For division of income, they agreed to (1) interest of 5% of the beginning capital balance each year, (2) annual compensation of $20,000 to Jill and $15,000 to Bill, and (3) sharing the remainder of the income or loss in a ratio of 35% for Bill, 25% for Jill, and 40% for Will. Net income was $108,000 in 2017 and $126,680 in 2018. Each partner withdrew $400 for personal use every month during 2017 and 2018. a) What is Will's total share of net income for 2017? [2 points) b) What is Bill's capital balance at the end of 2017? (2 points] c) What is Jill's capital balance at the end of 2017? [2 points) d) What is Bill's total share of net income for 2018? [2 points) e) What is Bill's capital balance at the end of 2018? [2 points) f) What is Will's total share of net income for 2018? [2 points) g) What is Will's capital balance at the end of 2018? [2 points] h) What is Jill's total share of net income for 2018? (2 points) i) What is Jill's capital balance at the end of 2018? [2 points) Step by Step Solution
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