Ell, Far, and Gar are partners who share profits and losses 20 percent, 20 percent, and 60 percent, respectively, after Ell and Far each receive a $12,000 salary allowance. Capital balances on January 1, 2011, are as follows:
Ell (20%) | $69,000 |
Far (20%) | 85,500 |
Gar (60%) | 245,500 |
During 2011, Gar invested an additional $20,000 in the partnership, and Ell and Far each withdrew $12,000, equal to their salary allowances as provided by the profit- and loss-sharing agreement. The partnership net assets at December 31, 2011, were $481,000.
REQUIRED: Prepare a statement of partnership capital for the year ended December 31, 2011.
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