Problem 12-02A a-c (Video) At the end of its first year of operations on December 31, 2020, Cullumber Companys accounts show the following. Partner Drawings Capital Art Niensted $23,300 $41,500 Greg Bolen 13,800 33,000 Krista Sayler 10,900 27,500 The capital balance represents each partners initial capital investment. Therefore, net income or net loss for 2020 has not been closed to the partners capital accounts. To record the division of net income for the year 2020 under each of the following independent assumptions. 1. Net income is $29,200. Income is shared 6:3:1. 2. Net income is $40,900. Niensted and Bolen are given salary allowances of $14,600 and $10,700, respectively. The remainder is shared equally. 3. Net income is $19,200. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,300 salary allowance. The remainder is shared equally. Correct answer. Your answer is correct. Prepare a schedule showing the division of net income under assumption (3) above. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler Total Salary allowance $enter a dollar amountEntry field with correct answer 15,300 enter a dollar amountEntry field with correct answer enter a dollar amountEntry field with correct answer $enter a total for the rowEntry field with correct answer 15,300 Interest allowance on capital enter a dollar amountEntry field with correct answer 4,150 enter a dollar amountEntry field with correct answer 3,300 enter a dollar amountEntry field with correct answer 2,750 enter a total for the rowEntry field with correct answer 10,200 Total salaries and interest enter a subtotal of the two previous amountsEntry field with correct answer 19,450 enter a subtotal of the two previous amountsEntry field with correct answer 3,300 enter a subtotal of the two previous amountsEntry field with correct answer 2,750 enter a subtotal of the two previous amountsEntry field with correct answer 25,500 Remaining excess/ deficiency enter a dollar amountEntry field with correct answer -2,100 enter a dollar amountEntry field with correct answer -2,100 enter a dollar amountEntry field with correct answer -2,100 enter a total for the rowEntry field with correct answer -6,300 Total division of net income $enter a total amountEntry field with correct answer 17,350 $enter a total amountEntry field with correct answer 1,200 $enter a total amountEntry field with correct answer 650 $enter a total amountEntry field with correct answer 19,200 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Correct answer. Your answer is correct. Journalize the entry to record the division of net income for the year 2020 under each of the above independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. select an account title to record the division of net income under the first assumptionEntry field with correct answer enter a debit amountEntry field with correct answer 29,200 enter a credit amountEntry field with correct answer select an account title to record the division of net income under the first assumptionEntry field with correct answer enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 8760 select an account title to record the division of net income under the first assumptionEntry field with correct answer enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 17520 select an account title to record the division of net income under the first assumptionEntry field with correct answer enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 2920 2. select an account title to record the division of net income under the second assumptionEntry field with correct answer enter a debit amountEntry field with correct answer 40,900 enter a credit amountEntry field with correct answer select an account title to record the division of net income under the second assumptionEntry field with correct answer enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 19800 select an account title to record the division of net income under the second assumptionEntry field with correct answer enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 15900 select an account title to record the division of net income under the second assumptionEntry field with correct answer enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 5200 3. select an account title to record the division of net income under the third assumptionEntry field with correct answer enter a debit amountEntry field with correct answer 19200 enter a credit amountEntry field with correct answer select an account title to record the division of net income under the third assumptionEntry field with correct answer enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 17,350 select an account title to record the division of net income under the third assumptionEntry field with correct answer enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 1,200 select an account title to record the division of net income under the third assumptionEntry field with correct answer enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 650 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Partially correct answer. Your answer is partially correct. Try again. Prepare a partners capital statement for the year under assumption (3) above. (List items that increase partners capital first.) CULLUMBER COMPANY Partners Capital Statement choose the accounting periodEntry field with correct answer Art Niensted Greg Bolen Krista Sayler Total select an opening nameEntry field with correct answer $enter a dollar amountEntry field with correct answer 41,500 $enter a dollar amountEntry field with correct answer 33,000 $enter a dollar amountEntry field with correct answer 27,500 $enter a total for the rowEntry field with correct answer 102,000 select between addition and deductionEntry field with correct answer: select an itemEntry field with correct answer enter a dollar amountEntry field with incorrect answer 23,300 enter a dollar amountEntry field with incorrect answer 13,800 enter a dollar amountEntry field with incorrect answer now contains modified data 10,900 enter a total for the rowEntry field with incorrect answer 48,000 enter a subtotal of the two previous amountsEntry field with incorrect answer 18,200 enter a subtotal of the two previous amountsEntry field with incorrect answer 19,200 enter a subtotal of the two previous amountsEntry field with incorrect answer 16,660 enter a subtotal of the two previous amountsEntry field with incorrect answer 54,000 select between addition and deductionEntry field with correct answer: select an itemEntry field with incorrect answer enter a dollar amountEntry field with incorrect answer 19,450 enter a dollar amountEntry field with incorrect answer 3,300 enter a dollar amountEntry field with incorrect answer 2,750 enter a total for the rowEntry field with incorrect answer 25,500 select a closing nameEntry field with correct answer $enter a total amountEntry field with incorrect answer 37,650 $enter a total amountEntry field with incorrect answer 22,500 $enter a total amountEntry field with incorrect answer 19,350 $enter a total amountEntry field with incorrect answer 79,500 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Question Attempts: 3 of 5 used SAVE FOR LATER SUBMIT ANSWER