Reference no: EM133076355
Question - Uriel and Tom form a partnership with initial investments of $300,000 and $400,000 respectively. Their agreement calls for a salary to Tom of $30,000 and a salary to Uriel for $50,000. Uriel receives a bonus of 5% of the income that remains after distributing the salary allowances. Then, each partner is to receive interest of 10% on their initial investment and they agree the remaining pro?t or loss is to be divided equally. If the net income for the period is $230,000 show the distribution to each partner. During the year, drawing of the partner:
Uriel: $2,000 in July 30 and $2,000 in September 30, 2021.
Tom: $4,000 in March 10, and $3,000 in October 10, 2021.
Required -
1. Prepare the Schedule to distribution the Net Income of $230,000.
2. Prepare the Statement of Capital for U&T Partnership for December 31, 2021.
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