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Calculate the ending capital balances for shawn

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Question - Shawn invests $100,000 cash and $60,000 Equipment to form partnership of NH Cable Source. The land has a notes payable of $50,000. Dan invests $70,000 cash to Nh Cable Source. The allocation agreement for income is salary Shawn $25,000, Dan $20,000, annual interest allowance of %15 percent of partner beginning capital balance and the rest of income divided equally. During the year Shawn withdraws $10,000 cash and Dan withdraws $3,000 cash. Net Income for the year is $125,000. Show the entry to set up the partnership. Calculate the ending capital balances for Shawn and Dan. Show the entries to close the withdrawal account, and show the entry to close net income of the partnership.

Reference no: EM132562469

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