Business, 07.03.2020 05:36 browneyedbaby20
At the end of its first year of operations on December 31, 2020, Carla Vista Company's accounts show the following.
Capital Partner Drawings $49,000 $22,900 Art Niensted 13,600 34,000 Greg Bolen 10,800 23,500 Krista Sayler
The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2020 has not been closed to the partners' capital accounts.
To record the division of net income for the year 2020 under each of the following independent assumptions
1. Net income is $28,300. Income is shared 6:3:1
2. Net income is $39,600. Niensted and Bolen are given salary allowances of $15,200 and $10,300 respectively. The remainder is shared equally
3. Net income is $18,900. Each partner is allowed interest of 10% on beginning capital balances Niensted is given a $14,250 salary allowance. The remainder is shared equally
Prepare a schedule showing the division of net income under assumption (3) above. (If an amount reduces the account balance then enter with a negative sign preceding the number e. g. -15,000 or parenthesis e. g. (15,000).)
Answers: 3
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At the end of its first year of operations on December 31, 2020, Carla Vista Company's accounts show...
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