Faye, Gary, and Heidi each have a one-third interest in the capital and profits of the FGH Partnership. Each partner had a capital account of $92,500 at the beginning of the tax year. The partnership profits for the tax year were $1,752,600. Changes in their capital accounts during the tax year were as follows: Faye Gary Heidi Total Beginning balance $92,500 $92,500 $92,500 $277,500 Withdrawals (20,000) (35,000) (10,000) (65,000) Additional contributions 5,000 5,000 Allocation of profits 584,200 584,200 584,200 1,752,600 Ending balance $656,700 $641,700 $671,700 $1,970,100 Compute each partner's gross income from the partnership for the tax year. Each partner's gross income from the partnership for the tax year is $

Faye, Gary, and Heidi each have a one-third interest in the capital and profits of the FGH Partnership. Each partner had a capital account of $92,500 at the beginning of the tax year. The partnership profits for the tax year were $1,752,600. Changes in their capital accounts during the tax year were as follows: Faye Gary Heidi Total Beginning balance $92,500 $92,500 $92,500 $277,500 Withdrawals (20,000) (35,000) (10,000) (65,000) Additional contributions 5,000 5,000 Allocation of profits 584,200 584,200 584,200 1,752,600 Ending balance $656,700 $641,700 $671,700 $1,970,100 Compute each partner's gross income from the partnership for the tax year. Each partner's gross income from the partnership for the tax year is $

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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Nicholas and Sarah began a partnership by investing $52,000 and $78,000. During the first year running, it had net income $180,000 A. allocation based on no agreement B. allocation based on partner initial investment C. allocation based on partnership conditions Nicholas Sarah 1) salary allowance 85000 65000 2) Interest allowance 10%on initial investment 3) split rest of balance equally