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solve this question according to GAAP. canadian standard. On January 1, 2015, Joseph Stiller, Ryan Player, and Dallas Glynn formed a partnership by investing $110,000,
solve this question according to GAAP. canadian standard.
On January 1, 2015, Joseph Stiller, Ryan Player, and Dallas Glynn formed a partnership by investing $110,000, $140,000, and $130,000 respectively. During the remainder of the year, Joseph Stiller withdrew cash of $24.000, Ryan Player withdrew $39,000 and Dallas Glynn withdrew $15,000. In addition, the following schedule shows how net income is allocated. Joseph Stiller Ryan Player Dallas Glynn Total 143,000 24,000 11,000 35,000 15,000 14,000 29,000 21,000 13,000 34,000 Net income: Salaries : Interest: Total salary and interest : Remainder to be allocated : Remainder allocated between partners Balance of net income to be allocated: Total to be allocated to each partner: (98,000) 45,000 (45,000) 0 15,000 15,000 15,000 50,000 44,000 49,000 143,000 a) Prepare the entry to close the income summary account. Enter an appropriate description and the date in the format dd/mmm (ie. 15/Jan). General Journal Dale Account Explanation F Debit Credit Page GJ2 b) Calculate the post-closing balance in each partners' capital account. Joseph Stiller, Capital Ryan Player, Capital Dallas Glynn, CapitalStep by Step Solution
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