(1) Allocation of $220,000 of Partnership Income Cumulative Johnson Larson Kragen Total Profit and loss percentage Salary............................. Bonus (see Note A)........ Interest on capital........... Balance...................... Total $77,000 $85,500 $57,500 (2) Allocation of $34,000 of Partnership Loss Cumulative Johnson Larson Kragen Total Profit and loss percentage 1/3 1/3 1/3 Salary............................. Bonus (see Note A)........ Interest on capital........... Balance.......................... Total............................... (3) Allocation of $132,000 of Partnership Income Cumulative Johnson Larson Kragen Total Profit and loss percentage 1/3 1/3 1/3 Salary............................. Bonus............................. Interest on capital........... Balance.......................... Total
EXERCISE 13-3
(1) Allocation of $220,000 of
Cumulative
Johnson Larson Kragen Total
Salary.............................
Bonus (see Note A)........
Interest on capital...........
Balance......................
Total $77,000 $85,500 $57,500
(2) Allocation of $34,000 of Partnership Loss
Cumulative
Johnson Larson Kragen Total
Profit and loss percentage 1/3 1/3 1/3
Salary.............................
Bonus (see Note A)........
Interest on capital...........
Balance..........................
Total...............................
(3) Allocation of $132,000 of Partnership Income
Cumulative
Johnson Larson Kragen Total
Profit and loss percentage 1/3 1/3 1/3
Salary.............................
Bonus.............................
Interest on capital...........
Balance..........................
Total
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
