Martha and jones have capital balances on january 1 of

Assignment Help Financial Accounting

Martha and Jones have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for

(1) Annual salaries of $20,000 for Martha and $12,000 for Jones,

(2) Interest at 10% on beginning capital balances, and

(3) Remaining income or loss to be shared 60% by Martha and 40% by Jones.

Instructions

(a) Prepare a schedule showing the distribution of net income, assuming net income is (1) $50,000 and (2) $36,000.

(b) Journalize the allocation of net income in each of the situations above.

Instructionsa enter the balances in ledger accounts allow : instructionsa enter the balances in ledger accounts. allow five lines for each account.b from the trial balance and the

Pension expense journal entries latoya company provides the : pension expense journal entries latoya company provides the following selected information related to its

An internal auditor is examining inventory control in a : an internal auditor is examining inventory control in a merchandising division with annual sales of 3000000 and a 40

Why are noncash transactions such as the exchange of common : why are noncash transactions such as the exchange of common stock a building included on a statement of cash flows? how

Martha and jones have capital balances on january 1 of : martha and jones have capital balances on january 1 of 50000 and 40000 respectively. the partnership income-sharing

Kelly herron has agreed to invest 200000 into an llc with : kelly herron has agreed to invest 200000 into an llc with michelle moss and dan kim. moss and kim will not invest any

Crc offers racqueball and other physical fitness facilities : crc offers racqueball and other physical fitness facilities to its mbrs. there are 4 of these clubs in the metro area.

Write an explanatory essay on capital the essay should not : write an explanatory essay on capital. the essay should not exceed two typed pages. be sure to follow an essay format

Barney betty and rubble are partners in a business that is : barney betty and rubble are partners in a business that is in the process of liquidation. on january 1 2011 the ledger