The AB Partnership's capital balances are as follows: Partner A $175,000 and Partner B $125,000. The...
The AB Partnership's capital balances are as follows: Partner A $175,000 and Partner B $125,000. The allocate any net income as follows: Salaries Partner A $60,000 and Partner B $40,000, interest of their capital balances is 10% and they share ,all gains and losses equally. Prepare a schedule to allocate their current net income of $175,000.
Homework Answers
Schedule allocation of current net income
| Partner A | Partner B | Total | |
| Net income | 175000 | ||
| Salaries | 60000 | 40000 | -100000 |
| Interest | 17500 | 12500 | -30000 |
| Balance Income | 45000 | ||
| Balance income | 22500 | 22500 | -45000 |
| Total | 100000 | 75000 | 175000 |
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