Question

Take me to the text Nadine Hoop, Lilia Hopkin and Gary Short perform in a band operating as a partnership. According to the partnership agreement, Nadine receives a salary of $16.000. La receives a salary of $29.000, and Garya salary of $28.000. They are also to receive nominal interest of 5% on the capital at the end of the preceding year (capital balances are Nadine - $1,100, L - $11.000, Gary - $21.000 The remainder is divided equally. During the year partners withdrew $20,000 each as an advance to their share of partnership earnings. The band made $4,155 after paying all other expenses Prepare a table showing the income distribution for the year, Do not enter dollar signs or commas in the rout boxes. Round your answers to the nearest whole number Use the negative sign for negative values o values that must be subtracted Total 33100 Hoop 1100 Hopkin 11000 Short 21000 Opening Capital Balance Withdrawals During the Year Subtotal -20000 -20000 ✓ -20000 - 18900 -9000 ✓ 1000 Not income 94155 ✓ Salaries - 73000 16000 29000 28000 interest Remainder Share of Profit to Partners Transfer to Partner's Capital Accounts94155 Closing Capital Balance Note: The "check" button does not submit your attempt. To submit the attempt go to the end of the quiz and click on the submit and button E O Type here to search

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Answers are highlighted in yellow: Solution: Hoop 1,100 $ -20,000 $ -18,900 $ Hopkin Short 11,000 $ 21,000 -20,000 $ -20,000 -9,000 $ 1,000 Opening Capital balance Withdrawal during the year Subtotal Net Income Salaries Interest (Beg bal x 5%) Reminder Share of profit to partners Transfer to partner's Capital Accounts Closing Capital Balance Total $ 33,100 $ $ $ $ 94,155 $ -73,000 $ $ -1,655$ $ 19,500 $ $ 94,155$ $ $ 16,000 $ 55 $ 29,000 $ 550 $ 28,000 1,050 6,500 $ 22,555 $ 3,655$ 6,500 $ 36,050 $ 27,050 $ 6,500 (Equal) 35,550 (Total net income distribution) 36,550