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Calculate each partner share

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Question - Kellan, Willa, and Sami are partners with capital balances of $90,000, $70,000, and $50,000, respectively. The partners agreed to share profits and losses as follows: Salary allowances of $5,000 to Kellan, $10,000 to Willa, and $15,000 to Sami.

Interest allowances of 10% on beginning-of-year capital balances Balance to be divided equally. If profit for the year is $170,000, calculate each partner's share and prepare the appropriate journal entry to close the Income Summary to the capital accounts.

Reference no: EM132588600

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