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The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Totum receives a $14,000 salary and Brook receives a
The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Totum receives a $14,000 salary and Brook receives a $15,000 salary Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: If an amount is zero, enter "O". For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) A. $40,000 Tatum Brook Total Salaries Remaining Income allocation Total division of income B. $29,000 Tatum Brook Total Salaries Remaining Income allocation Total division of income c. (5,000) Tatum Brook Total Salaries Remaining Income allocation Total division of Income Prepare the journal entries to show the resulting each partner's capital account. Tatum's capital account balance is $40,000 and Brook's is 550,000. If an amount box does not require an entry, leave it blank. A B
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