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Problem 12-2A At the end of its first year of operations on December 31, 2014, NBS Company's accounts show the following. Partner Art Niensted Greg Bolen Krista Sayler Drawings $23,150 14,380 11,510 Capital $44,780 30,380 25,230 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2014 has not been closed to the partners' capital accounts. Your answer is partially correct. Try again. Journalize the entry to record the division of net income for the year 2014 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 $31,750. Income is shared 6 : 3 : 1. (2) Net income is $41,340. Niensted and Bolen are given salary allowances of $14,520 and $10,620, respectively. The remainder is shared equally. (3) Net income is $19,050. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,101 salary allowance. The remainder is shared equally. No Account Titles and . Explanation 1. Income Summary Debit Credit 31750 A. Niensted, Capital G. Bolen, Capital 9525 K. Sayler, Capital 2. 19050 3175 Income Summary 41340 A. Niensted, Capital G. Bolen, Capital 15480 K. Sayler, Capital 3. 24240 1620 Income Summary 19050 A. Niensted, Capital 15925 G. Bolen, Capital 1211 K. Sayler, Capital 1914 LINK TO TEXT Your answer is partially correct. Try again. 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 or parenthesis, e.g. -15,000, (15,000).) Salary allowance DIVISION OF NET INCOME Art Niensted Greg Bolen $ Krista Sayler Total $ 15101 15101 Interest allowance on capital 4478 3038 2523 10039 Total salaries and interest 19579 3038 2523 25140 Remaining deficiency (3654) (1827) (609) (6090) Total division of net income $ $ 15925 $ 1211 $ 1914 19050 LINK TO TEXT 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.) NBS COMPANY Partners' Capital Statement For the Year Ended December 31, 2014 Art Niensted Capital, January 1 Greg Bolen Krista Sayler $ $ $ Total $ 44780 Draw ings Capital, December 31 1211 1914 19050 31591 27144 119440 23150 : Less 100390 60705 Net Income / (Loss) 25230 15925 : Add 30380 14380 11510 49040 $ $ 37555 Click if you would like to Show Work for this question: $ 17211 $ 15634 70400 Open Show Work At April 30, partners' capital balances in PDL Company are: G. Donley $52,500, C. Lamar $49,200, and J. Pinkston $17,800. The income sharing ratios are 5 : 4 : 1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner. Your answer is partially correct. Try again. Journalize the admission of Terrell under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) (2) (3) (4) Terrell Terrell Terrell Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $16,080 in cash. purchases 331/3% of Lamar's ownership interest by paying Lamar $14,570 in cash. invests $62,300 for a 30% ownership interest, and bonuses are given to the old partners. invests $42,100 for a 30% ownership interest, which includes a bonus to the new partner. No Account Titles and . Explanation 1. J. Pinkston, Capital Debit 8900 J. Terrell, Capital 2. C. Lamar, Capital 8900 16400 J. Terrell, Capital 3. Cash Credit 16400 62300 J. Terrell, Capital G. Donley, Capital 3880 C. Lamar, Capital 3104 J. Pinkston, Capital 4. 54540 776 Cash 42100 J. Terrell, Capital 3190 G. Donley, Capital 2552 C. Lamar, Capital 638 J. Pinkston, Capital 48480 Problem 12-2A At the end of its first year of operations on December 31, 2014, NBS Company's accounts show the following. Partner Art Niensted Greg Bolen Krista Sayler Drawings $23,150 14,380 11,510 Capital $44,780 30,380 25,230 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2014 has not been closed to the partners' capital accounts. Your answer is partially correct. Try again. Journalize the entry to record the division of net income for the year 2014 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 $31,750. Income is shared 6 : 3 : 1. (2) Net income is $41,340. Niensted and Bolen are given salary allowances of $14,520 and $10,620, respectively. The remainder is shared equally. (3) Net income is $19,050. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,101 salary allowance. The remainder is shared equally. No Account Titles and . Explanation 1. Income Summary Debit Credit 31750 A. Niensted, Capital G. Bolen, Capital 9525 K. Sayler, Capital 2. 19050 3175 Income Summary 41340 A. Niensted, Capital G. Bolen, Capital 16020 K. Sayler, Capital 3. 19920 5400 Income Summary 19050 A. Niensted, Capital 24978 G. Bolen, Capital 8437 K. Sayler, Capital 7922 LINK TO TEXT Your answer is partially correct. Try again. 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 or parenthesis, e.g. -15,000, (15,000).) Salary allowance DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler $ Total $ 15101 15101 Interest allowance on capital 4478 3038 2523 10039 Total salaries and interest 19579 3038 2523 25140 Remaining deficiency (3654) (1827) (609) (6090) Total division of net income $ $ 15925 $ 1211 $ 1914 19050 LINK TO TEXT 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.) NBS COMPANY Partners' Capital Statement For the Year Ended December 31, 2014 Art Niensted Capital, January 1 $ Greg Bolen $ Krista Sayler Total $ $ 44780 30380 25230 100390 15925 1211 1914 19050 : Add Net Income / (Loss) 60705 31591 27144 119440 23150 14380 11510 49040 15634 70400 : Less Draw ings Capital, December 31 $ $ 37555 $ $ 17211 Problem 12-2A At the end of its first year of operations on December 31, 2014, NBS Company's accounts show the following. Partner Art Niensted Greg Bolen Krista Sayler Drawings $23,150 14,380 11,510 Capital $44,780 30,380 25,230 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2014 has not been closed to the partners' capital accounts. Your answer is partially correct. Try again. Journalize the entry to record the division of net income for the year 2014 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 $31,750. Income is shared 6 : 3 : 1. (2) Net income is $41,340. Niensted and Bolen are given salary allowances of $14,520 and $10,620, respectively. The remainder is shared equally. (3) Net income is $19,050. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,101 salary allowance. The remainder is shared equally. No Account Titles and . Explanation 1. Income Summary Debit Credit 31750 A. Niensted, Capital G. Bolen, Capital 9525 K. Sayler, Capital 2. 19050 3175 Income Summary 41340 A. Niensted, Capital G. Bolen, Capital 16020 K. Sayler, Capital 3. 19920 5400 Income Summary 19050 A. Niensted, Capital 24978 G. Bolen, Capital 8437 K. Sayler, Capital 7922 LINK TO TEXT Your answer is partially correct. Try again. 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 or parenthesis, e.g. -15,000, (15,000).) Salary allowance DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler $ Total $ 15101 15101 Interest allowance on capital 4478 3038 2523 10039 Total salaries and interest 19579 3038 2523 25140 Remaining deficiency (3654) (1827) (609) (6090) Total division of net income $ $ 15925 $ 1211 $ 1914 19050 LINK TO TEXT 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.) NBS COMPANY Partners' Capital Statement For the Year Ended December 31, 2014 Art Niensted Capital, January 1 $ Greg Bolen $ Krista Sayler Total $ $ 44780 30380 25230 100390 15925 1211 1914 19050 : Add Net Income / (Loss) 60705 31591 27144 119440 23150 14380 11510 49040 15634 70400 : Less Draw ings Capital, December 31 $ $ 37555 $ $ 17211