Correct Answer:
Requirement 1:
Allocation of Partnership income |
|||
Ramer |
Knox |
Total |
|
Net Income (Loss) |
$ 117,800.00 |
||
Salary allowance |
$ 59,500.00 |
$ 47,600.00 |
$ 107,100.00 |
Balance of income (loss) |
$ 10,700.00 |
||
interest allowances |
$ 7,900.00 |
$ 10,900.00 |
$ 18,800.00 |
Balance of income (loss) |
$ (8,100.00) |
||
Balance allocated equally |
$ (4,050.00) |
$ (4,050.00) |
$ (8,100.00) |
Balance of income (loss) |
$ - |
||
Shares of partners |
$ (4,050.00) |
$ (4,050.00) |
Requirement 2:
Allocation of Partnership income |
|||
Ramer |
Knox |
Total |
|
Net Income (Loss) |
$ (35,800.00) |
||
Salary allowance |
$ 59,500.00 |
$ 47,600.00 |
$ 107,100.00 |
Balance of income (loss) |
$ (142,900.00) |
||
interest allowances |
$ 7,900.00 |
$ 10,900.00 |
$ 18,800.00 |
Balance of income (loss) |
$ (161,700.00) |
||
Balance allocated equally |
$ (80,850.00) |
$ (80,850.00) |
$ (161,700.00) |
Balance of income (loss) |
$ - |
||
Shares of partners |
$ (80,850.00) |
$ (80,850.00) |
End of answer.
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