Problem 12-2A (Part Level Submission) At the end of its first year of operations on December 31, 2017, NBS Companys accounts show the following.

Partner- Drawings- Capital Art Niensted- $23,000- $48,000 Greg Bolen- $14,000- $30,000 Krista Sayler- $10,000- $25,000

(a) Journalize the entry to record the division of net income for the year 2017 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(1)

Net income is $30,000. Income is shared 6 : 3 : 1.

(2)

Net income is $40,000. Niensted and Bolen are given salary allowances of $15,000 and $10,000, respectively. The remainder is shared equally.

(3)

Net income is $19,000. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,000 salary allowance. The remainder is shared equally. 2.

Problem 12-3A (Part Level Submission)

The partners in Crawford Company decide to liquidate the firm when the balance sheet shows the following.

CRAWFORD COMPANY Balance Sheet May 31, 2017
Assets					Liabilities and Owners Equity
Cash		$27,500			Notes payable		$13,500
Accounts receivable		25,000			Accounts payable		27,000
Allowance for doubtful accounts		(1,000	)		Salaries and wages payable		4,000
Inventory		34,500			A. Jamison, capital		33,000
Equipment		21,000			S. Moyer, capital		21,000
Accumulated depreciationequipment		(5,500	)		P. Roper, capital		3,000
Total		$101,500			Total		$101,500

The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence.

1.		A total of $51,000 was received from converting noncash assets into cash.
2.		Gain or loss on realization was allocated to partners.
3.		Liabilities were paid in full.
4.		P. Roper paid his capital deficiency.
5.		Cash was paid to the partners with credit balances.