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Prepare a statement of partnership equity

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Reference no: EM13826418

The partnership of Angel Investor Associates began operations on January 1, 2014, with contributions from two partners as follows:

Dennis Overton          $180,000

Ben Testerman            120,000

The following additional partner transactions took place during the year:

1. In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest.

2. Net income of $150,000 was earned in 2014. In addition, Dennis Overton received a salary allowance of $40,000 for the year. The three partners agree to an income-sharing ratio equal to their capital balances after admitting Campbell.

3. The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income.

Prepare a statement of partnership equity for the year ended December 31, 2014. If an amount is zero, enter in "0".


  Angel Investor Associates 


Statement of Partnership Equity 


 For the Year Ended December 31, 2014 

 Dennis Overton, Capital   Ben Testerman, Capital   Randy Campbell, Capital   Total Partnership Capital 
180000 120000
300000
0 0 75000 75000
40000

40000
220000 120000 75000 145000
180000 120000 75000 375000
40000 0 0 40000

 

Reference no: EM13826418

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