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Hope, Enjoy & Faith Inc. reports net income of $140,000.
The partnership agreement provides for annual salaries:
Hope $ 20,000
Enjoy $ 15,000
Faith $ 10,000
The partnership agreement provides for interest allowances:
Hope $10,000
Enjoy $11,000
Any remaining income or loss is to be shared:
Enjoy 30%
Hope 10%
Faith 60%
The beginning capital for the partners are:
Enjoy $132,000
Faith $190,000
Hope $100,000
During the 2016:
Hope contribution additional investment in the partnership for $10,000
Enjoy withdrawals $4,000.
Instructions
Prepare the schedule to distribution the net income.
Prepare the statement of capital for the Hope, Enjoy and Faith Inc.
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