Can someone help with week 7 homework assignment?
Can someone help with week 7 homework assignment? I have attached
the homework workbook and need help figuring this out. Thank you.
Allocate income to partners.There are two problems on this page.Problem 1:Partnership Facts:1. Mary and Bob are both general partners of a partnership.2. Mary invested $225,000 in the partnership.3. Bob invested $150,000 in the partnership.4. Income is allocated based on the investment of each partner rela±ve to the total investment of both pa5. The net income to allocate is $182,000.6. Assume that no funds have been distributed this year and that they will not be distributed now.PreparAllocate the net income to partners based on the above partnership terms and prepare alloca±on journalMaryBobTotalsProblem 2:Partnership Facts:1. John, Alice and Dan are all general partners of a partnership.2. John is the CEO of the partnership and is allocated a salary of $90,000 per year.3. Alice is the CFO of the partnership and is allocated a salary of $72,000 per year.4. Dan is not ac±ve in the partnership and is not allocated any salary.5. All partners are allocated an interest credit from earnings of 5% of their capital account balance before6. The remaining pro²t or loss a³er the above alloca±ons is split evenly three ways.7. Capital account balance before alloca±ons are as follows:John $150,000.Alice $120,000.Dan $258,000.8. The net income before any alloca±ons are made is $141,000.9. Assume that no funds have been distributed this year and that they will not be distributed now.PreparAllocate the net income to partners based on the above partnership terms and prepare alloca±on journalJohnAliceDan
artners.re an entry to allocate income to the partner capital accounts.l entries.any allocaTons.re an entry to allocate income to the partner capital accounts.l entries.±otals
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"
