Goodman, Pinkman, and White formed a partnership on January 1, 2023, and made capital contributions of $125,000 (Goodman), $175,000 (Pinkman), and $250,000 (White), respectively. With respect to the division of income, they agreed to the following: interest of an amount equal to 10% of the partner’s beginning capital balance for the year; annual compensation of $15,000 to Pinkman; and the remainder of the income or loss to be split among the partners in the following percentages: 20% for Goodman; 40% for Pinkman; and 40% for White. Net income was $200,000 in 2023 and $240,000 in 2024. Each partner withdrew $1,500 for personal use every month during 2023 and 2024. What will be the amount of interest attributed to Goodman in the income distribution for 2025?

Goodman, Pinkman, and White formed a partnership on January 1, 2020, and made capital commibutions of $125,000 (Goodman, $175,000 Pinkman and $250,000 (White), respectively. With respect to the division of income, they agreed to the following: interest of an amount equal to 10% of the that partner's beginning capital balance for the year. 12) annual compensation of $15,000 to Pinkman and (3) the remainder of the Income or loss to be spilt among the partners In the following percentages (8) 20% for Goodman: b) 40% for Pinkmen; and (c) 40% for White. Net Income was $200,000 in 2020 and $240,000 in 2021. Each partner withdrew $1,500 for personal use every month during 2020 and 2021 What was the remainder portion of net income allocated to White for 202 о O Choc 562360 $5,000 $90,000 574160

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Kwong and Morales entered into a partnership as at Mar. 1, 2019 by the investing P125,000 andP75,000, respectively. They agreed that Kwong, as the managing partner, was to receive a salary ofP30,000 per year and a bonus computed at 10% of the profit after adjustment for the salary; the balanceof the profit was to be distributed in the ratio of their original capital balances. On Dec. 31, 2019, normalaccount balances were as follows:Cash P70,000 Accounts Payable P 60,000Accounts Receivable 67,000 Kwong, Capital 125,000Furniture and Fixtures 45,000 Morales, Capital 75,000Sales Returns 5,000 Kwong, Drawing 20,000Purchases 196,000 Morales, Drawing 30,000Operating Expenses 60,000 Sales 233,000Inventories on Dec. 31, 2019, were as follows: supplies, P2,500, merchandise, P73,000. Prepaidinsurances was P950 while accrued expenses were P1,550. Depreciation rate was 20% per year. Thepartner’s capital balances on Dec. 31, 2019, after closing the profit and drawing accounts, were:Kwong Moralesa.…

Farmer and Taylor formed a partnership with capital contributions of $245,000 and $295,000, respectively. Their partnership agreement calls for Farmer to receive a $79,000 per year salary allowance. The remaining income or loss is to be divided equally. Assuming net income for the current year is $189,000, the journal entry to allocate net income is: dit Fo Debit Income Summary, $189,000; Credit Farmer, Capital, $94,500; Credit Taylor, Capital, $94,500. Debit Income Summary, $189,000; Credit Farmer, Capital, $166,000; Credit Taylor, Capital, $23,000. Debit Income Summary, $189,000; Credit Farmer, Capital, $48,840; Credit Taylor, Capital, $140,160. Debit Income Summary, $189,000; Credit Farmer, Capital, $134,000; Credit Taylor, Capital, $55,000. Debit Income Summary, $189,000; Credit Taylor, Capital, $134,000; Credit Farmer, Capital, $55,000.

Coburn (beginning capital, $56,000) and Webb (beginning capital $92,000) are partners. During 2022, the partnership earned net income of $69,000, and Coburn made drawings of $17,000 while Webb made drawings of $26,000. Assume the partnership income-sharing agreement calls for income to be divided with a salary of $37,000 to Coburn and $32,000 to Webb, interest of 12% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to res the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Income Summary 69000 Coburn, Capital 34840 34160 Webb, Capital Compute the partners' ending capital balances under the assumption in part (c) above. Ending capital Coburn Webb 34840

Garachico, Perez, and Burgos formed a partnership on Jan. 1, 2019, and contributed P150,000, P200,000, and P250,000, respectively. Their articles of co-partnership provided that the operating profit be shared among the partners as follows: as salary, P24,000 for Garachico, P18,000 for Perez, and P12,000 for Burgos; interest of 12% on the ending capital during 2019 of the three partners;bonus to Burgos of 8% of profit before salaries and interest and the balance in the ratio of 2:4:4, respectively. The profit earned for the year ended Dec. 31, 2019 amounted to P176,000. Garachico contributed additional capital of P30,000 on July 1 and made a withdrawal of P10,000 on Oct. 1; Perez contributed additional capital of P20,000 on Aug. 1 and made a withdrawal of P10,000 on Oct. 1; and, Burgos made a withdrawal of P30,000 on Nov. 1. What are Partner's profit or losses?

Christie and Jergens formed a partnership with capital contributions of $350,000 and $450,000, respectively. Their partnership agreement calls for Christie to receive a $65,000 per year salary allowance. Also, each partner is to receive an interest allowance equal to 8% of the partner's beginning capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is S144,000, then Christie and Jergens's respective shares of income are: Multiple Choice S43.000, $101,000. thing $72,000: S72.000 $100.500: $43,500. S93,000 S36.000. 563.000, $81,000

On January 1, 2021, Kobe, Lebron, and Michael formed a partnership with respective capital contribution of P2,000,000, P5,000,000, and P3,000,000. The articles of co-partnership provides that profit or loss shall be distributed accordingly: a. 20% interest on original capital contribution. b. P30,000 monthly salary for Kobe and P50,000 monthly salary for Michael. c. The remainder shall be distributed on the basis of original capital contribution ratio. On December 31, 2021, Kobe and Lebron made withdrawals of P500,000 and P1,000,000, respectively. the statement of financial position of the partnership shows that Lebron’s capital on December 31, 2031 is P6,500,000. What is the capital balance of Kobe on December 31, 2021

At September 30, 2021, C. Saber and J. Wong, the two partners of City Landscaping, had capital account balances of $25,000 each. D. Walker joined the partnership on September 30, 2021 and received a 1/3 interest in the partnership in exchange for a capital contribution of $40,000. For the year ended September 30, 2022, City Landscaping had profit of $126,000, which is allocated equally to the three partners. Withdrawals during the year were $18,000 each by Saber and Wong, and $14,000 by Walker. Instructions a) Record the transaction on September 30, 2021 admitting Walker into the partnership. b) Calculate the balance of each partner's capital account after the transaction. c) Prepare the statement of partners' equity for the year ended September 20, 2022.