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Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership. At the beginning of 2 0 2 1 ,
Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership. At the beginning of capital
balances were as follows:
Due to a cash shortage, Purkerson invests an additional $ in the business on April
Each partner is allowed to withdraw $ cash each month.
The partners have used the same method of allocating profits and losses since the business's inception:
Each partner is given the following compensation allowance for work done in the business: Purkerson, $; Smith, $;
and Traynor, $
Each partner is credited with interest equal to percent of the average monthly capital balance for the year without regard for
normal drawings.
Any remaining profit or loss is allocated :: to Purkerson, Smith, and Traynor, respectively. The net income for is $
Each partner withdraws the allotted amount each month.
Prepare a schedule showing calculations for the partners' ending capital balances. Amounts to be deducted should be
indicated with minus sign.
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