ACCOUNTING-Martha and Jones have capital balances on January 1 of $50,000 and $40,000, respectively.

Martha and Jones have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for(1) Annual salaries of $20,000 for Martha and $12,000 for Jones,(2) Interest at 10% on beginning capital balances, and(3) Remaining income or loss to be shared 60% by Martha and 40% by Jones.Instructions(a) Prepare a schedule showing the distribution of net income, assuming net income is (1) $50,000 and (2) $36,000.(b) Journalize the allocation of net income in each of the situations above.

 

CLICK HERE TO ORDER A SIMILAR PAPER

We pride ourselves in writing quality essays

CLICK HERE TO CONTACT US

Lets Start Working

Plagiarism Free

We use anti-plagiarism software to ensure you get high-quality, unique papers. Besides, our writers have a zero plagiarism mentality

On Time Delivery

Your essay will be delivered strictly within the deadline.  If you have an urgent order, we can do it!

Money Back Guarantee

We offer warranty service, including free revisions, and a right to request a refund incase your expectations are not met!

THE BEST PAPER WRITER HELPER

Our Advantage

  • Say “NO” to plagiarism – FREE plagiarism report as an addition to your paper
  • The lowest prices that fit excellent quality
  • Authorship – you are the one who possesses the paper. We DO NOT re-sale or re-use any of them.

OUR PAPER WRITER HELPER GOODIES

Our Freebies

  • Free Cover Page
  • Free Revisions
  • Free Reference Page
  • Free 24/7 support

Pin It on Pinterest

Share This