Unit 6 Assignment Q8

Data and question.a

b

c

At the end of the year of operations on December 31, 2022. Sheridan Company's accounts show the following Partner Capital Drawings $21.160 $44.160 Art Niented Greg Dolen 11.366 27,600 Krista Saylor 9200 23.000 The capital balance represents each partner's initial capital investment. Therefore net income or net loss for 2022 has not been closed to the partners capital accounts fa) 1 Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually Net income is $27.00. Income is shared 6:31 2 Net income is $36.800 Niensted and Bolen are given salary allowances of $13.500 and 59.200, respectively. The remainder is shared equally Net Income is $17.480 Each partner is allowed interest of 10% on beginning capital balances. Niersted is givena $13.800 salary allowance. The remainder is shared equally 3 No. Account Titles and Explanation Debit Credit 1. > 3. Prepare a schedule showing the division of net income under assumption (3) above. Of an amount reduces the account balance then enter with a negative sign preceding the number eg -15,000 or parenthesis es. (15,0001) DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler Salary allowance $ $ Interest allowance on capital Total salaries and interest Remaining excess/ deficiency Total division of net income $ 4 e Textbook and Media Save for Late Attempts: 0 of 5 used Submit Answer Prepare a partners' capital statement for the year under assumption (3) above. (List items that increase partners capital first.) SHERIDAN COMPANY Partners' Capital Statement Art Niensted Greg Bolen Krist $ hi $ $ e Textbook and Media Save for Later Attempts: 0 of 5 used Submit Answer IS Prepare a partners capital statement for the year under assumption (3) above. (List items that increase partners capital first.) SHERIDAN COMPANY Partners' Capital Statement Art Nlensted Greg Bolen Krista Sayler Total $ s $ e Textbook and Media Save for Later Attempts: 0 of 5 used Submit