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Provide income allocations for all partners

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Question - Rob, Chris, and Matt are in a partnership that provides banking services.

Profits/losses are split: 50%, 20% and 30%, respectively.

Beginning capital balances are as follows:

Rob: 190,000 Chris: 220,000 Matt: 430,000

The net income: $43,000 for 2013

Loss: $42,000 for 2014

Each individual partner is allowed 14% in interest for the beginning of the year capital balances.

$9,000 is allotted in annual drawings. Rob and Chris are also allotted $15,000 in compensation/year.

Matt's contribution was $30,000 at the beginning of 2014 because of projected loss.

1. Provide income allocations for all partners for 2013 and 2014.

2. Provide 2014 closing entries/capital balances as of 12/31/14.

Reference no: EM132000477

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