ACCOUNTING,CHAP.1-13
ACCOUNTING,CHAP.1-13
26th Edition
ISBN: 9781305088412
Author: WARREN
Publisher: CENGAGE L
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Chapter 12, Problem 12.8EX

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

 The division of income among the three members.

b.

To determine

To provide: The journal entries to close the net income and withdrawals.

c.

To determine

To prepare: A statement of members’ equity for 2016.

d.

To determine

To explain: The advantages of having an income sharing agreement for the members of LLC.

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ACCOUNTING,CHAP.1-13

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