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PLS HELP Coburn (beginning capital, $55,000 ) and Webb (beginning capital $95,000 ) are partners. During 2022, the partnership earned net income of $71,000, and
PLS HELP Coburn (beginning capital, $55,000 ) and Webb (beginning capital $95,000 ) are partners. During 2022, the partnership earned net income of $71,000, and Coburn made drawings of $17,000 while Webb made drawings of $25,000. (a) Assume the partnership income-sharing agreement calls for income to be divided 30% to Coburn and 70% to Webb. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Attempts: 0 of 1 used (b) Assume the partnership income-sharing agreement calls for income to be divided with a salary of $35,000 to Coburn and $25,000 to Webb, with the remainder divided 30% to Coburn and 70% to Webb. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Assume the partnership income-sharing agreement calls for income to be divided with a salary of $39,000 to Coburn and $34,000 to Webb, interest of 11% on beginning capital, and the remainder divided 50%50%. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Attempts: 0 of 1 used (d) Compute the partners' ending capital balances under the assumption in part (c) above
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