Entries for Allocation of Net Income Danny Spurlock and Tracy Wilson decided to form a partnership on July 1, 20-1. Spurlock invested $100,000 and Wilson invested $25,000. For the fiscal year ended June 30, 20-2, a net income of $79,000 was earned. Determine the amount of net income that Spurlock and Wilson would receive under each of the following independent assumptions: Income to be allocated     $fill in the blank 1   Spurlock Wilson Total 1.  There is no agreement concerning the distribution of net income. $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 2.  Each partner is to receive 10% interest on their original investment. The remaining net income is to be divided equally. $fill in the blank 5 $fill in the blank 6 $fill in the blank 7 3.  Spurlock and Wilson are to receive a salary allowance of $33,000 and $24,000, respectively.The remaining net income is to be divided equally. $fill in the blank 8 $fill in the blank 9 $fill in the blank 10 4.  Each…

Exercise 4: Division of Income the partnership of Benito, Carlos and Donato earned a net income of P20,000 in 2019. The following are the postings to their accounts in 2019: (Kindly see attached images, and there is no further information with the exercise. Kindly answer it w/ your knowledge. Thank you in advance)  Instructions: Determine the distribution of the partnership net income under each of the following assumptions: Net income is divided based on the ending capital ratio inclusive of the drawing accounts. Interest of 12% is allowed on the average capital including the temporary changes therein and the balance is to be divided in the ratio of 3:4:3 between Benito, Carlos and Donato, respectively. Postings to the capital accounts during the first fifteen days of the month are to be considered as of the first day of the month and postings during the second half of the month are to be considered as of the end of the month. How much will be the share of each of the partners in a…

Noor, Tala and Sara are three partners on 31/12/2019  the capital balances are 10,000, 15,000 and 20,000 respectively on the same date Sara decide to withdraws from partnership, the company paid her $ 18,000 the debit side of journal entry is:   Select one: a. cash 20,000 b. sara capital 18,000 c. cash 18,000 d. sara capital 20,000

Assuming that the net income is P50,000 and that each partner withdraws the maximum amount allowed, what is the balance in Cartwright’s capital account at the end of that year?A. P 105,800 B. P 106,200 C. P 106,900 D. P 107,400

Dividing Partnership Net Income Required: Steve Jack and Chelsy Bernard formed a partnership, dividing income as follows: 1. Annual salary allowance to Bernard of $89,100. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Jack and Bernard, 1:2. Jack and Bernard had $48,000 and $81,000, respectively, in their January 1 capital balances. Net income for the year was $162,000. How much is distributed to Jack and Bernard? Note: Compute partnership share. Jack: $ Bernard: $

The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Taturm receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit for the year 1 is A $40,000 B. $25,000 C $100,000 In addition, show the resulting entries to each partner's capital account. Tatum's capital account balance is $50,000 and Brook's is $60,000. 6. 7. 10 A. Tatum Brook Total To complete: $40,000- 10,000-15,000 = 11 12 Salaries Then, take a percentage off the result. Meaning what is G0% of the result. Remaing Income Allocation Total Division of Income 13 S. This will give you Remaining ncome Allocation. 14 Lastly, total your items and they should equal out to the $40,000. 15 16 Debit Credt Income Summary Tatum Capital 17 18 19 Income Summary Brook Capital 20 21 22 23 B. Tatum Brook Total Salaries Remaing Income Allocation Total Division of Income 24 25 26 27 28 Debit Credt Income Summary…

ynn Carpenter and Matthew Fredrick formed a partnership in which the partnership agreement provided for salary allowances of $35,000 and $31,000, respectively. Determine the division of a $18,000 net loss for the current year, assuming that remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies.   Lynn Carpenter   Matthew Fredrick   Total Salary Allowance $fill in the blank 1   $fill in the blank 2   $fill in the blank 3 Remainder $fill in the blank 4   $fill in the blank 5   $fill in the blank 6 Net Loss $fill in the blank 7   $fill in the blank 8   $fill in the blank 9

Required information Skip to question [The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $58,000 and $87,000, respectively. During its first year, the partnership earned $180,000. Prepare calculations showing how the $180,000 income is allocated under each separate plan for sharing income and loss. 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $180,000. Note: Do not round intermediate calculations.

Current Attempt in Progress The A and B partnership agreement stipulates that profits and losses will be shared equally after salary allowances of $80900 for A and $40100 for B. At the beginning of the year, A's capital account had a balance of $79300, while B's capital account had a balance of $71000. Profit for the year was $96000. The balance of B's capital account at the end of the year after closing is $40100. $121000. $68400. Ⓒ$98600.