Partner’s Capital Balance Assignment | Top Universities
C. Eastwood, A. North, and M. West are a partnership for 20X1 were as follows: manufacturers' representatives in the architecture business. Their capital accounts in the ENW C. Eastwood, Capital 9/1 8,900 1/1 5/1 30, 200 6, 300 A. North, Capital 9,400 3/1 41,700 1/1 7/1 9/1 6,500 4,500 M. West, Capital 1/1 50,300 4/1 8,900 6/1 3,200 8/1 12,500 ces Required: For each of the following independent income-sharing agreements, prepare an income distribution schedule a Salaries are $16,700 to Eastwood, $21,500 to North and $18.300 to West Eastwood receives a bonus of 5 percent of net income after deducting his bonus. Interest is 10 percent of ending capital balances. Eastwood, North, and West divide any remainder in a 3.3 4 ratio, respectively. Net income was $80,220 (Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign.) Eastwood North Total West Profit ratio Ending capital Net income Salary Bonus Interest on ending capital balance Residual income (deficit) 8 of 17 Salary 0 Bonus 0 Interest on ending capital balance Residual income (deficit) Allocate 0S 0 Skipped Total eBook Prins b. Interest is 10 percent of weighted-average capital balances Salaries are $25,100 to Eastwood, $22,000 to North and $26,000 to West North receives a bonus of 10 percent of net income after deducting the bonus and her salary Any remainder is divided equally. Net income was $69,850. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Amounts that are to be deducted from an individual pertner's capital balance should be entered with a minus sign.) References Eastwood North West Total Profit ratio Average capital Net income Interest on average capital balance Salary 0 Bonus Residual income (deficit) 0 Allocate Total 0 0S 0 Interest on average capital balance Salary Bonus 0 Residual income (deficit) ts 0 Allocate S 0 Total Skipped eBook c. West receives a bonus of 20 percent of net income after deducting the bonus and the salaries, Salaries are $22.000 to Eastwood. $18,200 to North, and $15,500 to West. Interest is 10 percent of beginning capital balances. Eastwood, North, and West divide any remainder in an 8:7.5 ratio, respectively Net income was $95,000 (Do not round intermediate calculations. Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sigh Print Deferences Eastwood North West Total Profit ratio Beginning capital Net income Bonus 0 Salary Interest on beginning capital balance Residual income (deficit) s Allocate Total lolol lolole. Get Accounting Homework Help Today.
