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Answer:
Angel Investor Associates
Statement of Partnership Equity
For the year ended December 31,2015
| Particulars | Dennis Overton | Been Testerman | Randy Campbell | Total |
|---|---|---|---|---|
| Balances, January 1,20Y5 | 180,000 | 120,000 | 300,000 | |
| Admission of Randy Campbell | 75,000 | 75,000 | ||
| Salary Allowance | 40,000 | 40,000 | ||
| Remaining income | 52,800 | 35,200 | 22,000 | 110,000 |
| Partner Withdrawals | (46,400) | (17,600) | (11,000) | (75,000) |
| Balance,December 31,2015 | $226,400 | $137,600 | $86,000 | $450,000 |
Working Note 1:
Net income after salary = 150,000 - 40,000 = $110,000
It is to be distributed in the capital ratio, as follows:
Income of Dennis = 110,000 * (180/375) = $52,800
Income of Ben = 110,000 * (120/375) = $35,200
Income of Randy = 110,000 * (75/375) = $22,000
Working Note 2
Amount withdrawn by each of them are half of the total income earned.
Withdrawn by Dennis = (52,800 + 40,000) ÷ 2 = $46,400
Withdrawn by Ben = 35,200 ÷ 2 = $17,600
Withdrawn by Randy = 220,000 ÷ 2 = $11,000
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