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whats the answer pleaseee? Mo, Lu, and Barb formed the MLB Partnership by making investments of $67,500,$262,500, and $420,000, respectively. They predict annual partnership net
whats the answer pleaseee?
Mo, Lu, and Barb formed the MLB Partnership by making investments of $67,500,$262,500, and $420,000, respectively. They predict annual partnership net income of $450,000 and are considering the following alternatlve plans of sharing income and loss: (a) equally: (b) in the ratio of their initial capital investments; or (c) salary allowances of $80.000 to Mo, $60,000 to Lu, and $90,000 to Barb; interest allowances of 10% on their initial capital investments; and the remaining balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb. 2. Prepare a statement of partners' equity showing the allocation of income to the partners assuming they agree to use plan (c), that income earned is $209,000, and that Mo, Lu, and Barb withdraw $34,000,$48,000, and $64,000, respectively, at year-end. Note: Do not round intermediate calculations. Enter all allowances as positive values. Enter losses as negotive values Step by Step Solution
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