Ethan and Louis had partnership and shared incomes and losses based on the agreementthat gave Ethan a salary allowance of $115,000 and Louis $90,000 with any unallocated income or loss shared 3:2Prepare the entry and at December 31, 2011. the net income having a debit balance of $80,000Nicholas and Sarah began a partnership by investing $52,000 and $78,000. During the first year running, it had net income $180,000A. allocation based on no agreementB. allocation based on partner initial investmentC. allocation based on partnership conditionsNicholasSarah1) salary allowance85000650002) Interest allowance( 10% initial investment)10%10%3) split rest of balance equally

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Ethan and Louis had partnership and shared incomes and losses based on the agreement that gave Ethan a salary allowance of $115,000 and Louis $90,000 with any unallocated income or loss shared 3:2 Prepare the entry and at December 31, 2011. the net income having a debit balance of $80,000

Ethan and Louis had partnership and shared incomes and losses based on the agreement that gave Ethan a salary allowance of $115,000 and Louis $90,000 with any unallocated income or loss shared 3:2 Prepare the entry and at December 31, 2011. the net income having a debit balance of $80,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ethan and Louis had partnership and shared incomes and losses based on the agreement that gave Ethan a salary allowance of $115,000 and Louis $90,000 with any unallocated income or loss shared 3:2 Prepare the entry and at December 31, 2011. the net income having a debit balance of $80,000
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Please Introduction and show work and no plagiarism please i humble request
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