Price: 20,000 Waterhouse: 30,000 Coopers: 50,000 advisory service Revenues: 130,000 Auditing revenue: 165,000 Tax service revenues: 100,000 Salaries expense: 60,000 Adv expo: 55,000 Insurance exp: 32,000 Supplie exp: 31,000 Rent exp: 34,000 PRICE owner withdraw: 2,500 WATER HOUSE owner withdraw: 3,000 COOPERS owner withdraw: 2,000 Price, Waterhouse, and Coopers complete their first year of business as a partnership. The partners offer auditing, tax, and advisory services. Use the Tableau Dashboard to determine allocation of income. Owner Initial Investments Waterhouse Price Coopers Revenues Expenses $175,000 $150,000 Salaries expense $125.000 Supplies Revenues Expenses $175,000 $150,000 Salaries expense $125,000 Supplies expense $100,000 Advertising expense Insurance expense $75,000 $50,000 Rent expense $25,000 $0 Advisory service.. Auditing revenue Tax service.. Owner Withdrawals Price Waterhouse Coopers $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 1. Determine each partner's share of income assuming the partners agree to share income and loss in proportion to their initial 2. Determine each partner's share of income assuming the partners agree to share income by giving a $27.000 per year salary allowance to Price, a $50,000 per year salary allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, and the remaining balance shared equally Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share of income assuming the partners agree to share income and loss in proportion to their initial investments. (Do not round intermediate calculations.) Fraction to Allocate Price Price's Share of Fraction to Allocate Income Waterhouse Waterhouse's Share of Income Fraction to Allocate Coopers's Share Coopers of Income Total Income Allocated S Required Required 2 > 1. Determine each partner's share of income assuming the partners agree to share income and loss in proportion to their initial investments. 2. Determine each partner's share of income assuming the partners agree to share income by giving a $27,000 per year salary allowance to Price, a $50,000 per year salary allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, and the remaining balance shared equally. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share of income assuming the partners agree to share income by giving a $27,000 per year salary allowance to Price, a $50,000 per year salary allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, and the remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Price Waterhouse Coopers Total 0 Partner share of net income Net income Salary allowances Balance of income Balance allocated equally Balance of income Shares of each partner 0 $ 0 $ 0 $ 0
