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withdrawals are not to be included in the computation of average capital balances for purposes of income distributions. Apple and Jack have agreed to distribute
withdrawals are not to be included in the computation of average capital balances for purposes of income distributions. Apple and Jack have agreed to distribute partnership net income according to the following plan: Required: a. Prepare a schedule that discloses the distribution of partnership net income for 205. b. Prepare the statement of partners' capital at December 31, 205. c. How would your answer to part a change if all of the provisions of the income distribution plan were the same except that the salaries were $30,000 to Apple and $38,856 to Jack? Complete this question by entering your answers in the tabs below. Prepare a schedule that discloses the distribution of partnership net income for 205. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign
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