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Jones, Silva, and Thompson form a partnership and agree to allocate income equally after recognition of 10% interest on beginning capital balances and monthly salary allowances of $2,300 to Jones and $1,400 to Thompson. Capital balances on January 1 were as follows: Jones $40,300 Silva 25,000 Thompson 29,400 Calculate the net income (loss) allocation to each partner under each of the following independent situations. 1. Net income for the year is $98,900. 2. Net income for the year is $38,900. 3. Net loss for the year is $14,500. (Enter loss amounts using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) Jones Silva 1. Income (Loss) allocation $ 46240 $ Thompson 17110 $ 35550 2. Income (Loss) allocation $ 26040 $ (3090) $ 15350 3. Income (Loss) allocation $ 8440 $ (20690) $ (2250)

Jones, Silva, and Thompson form a partnership and agree to allocate income equally after recognition of 10% interest on beginning capital balances and monthly salary allowances of $2,300 to Jones and $1,400 to Thompson. Capital balances on January 1 were as follows: Jones $40,300 Silva 25,000 Thompson 29,400 Calculate the net income (loss) allocation to each partner under each of the following independent situations. 1. Net income for the year is $98,900. 2. Net income for the year is $38,900. 3. Net loss for the year is $14,500. (Enter loss amounts using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) Jones Silva 1. Income (Loss) allocation $ 46240 $ Thompson 17110 $ 35550 2. Income (Loss) allocation $ 26040 $ (3090) $ 15350 3. Income (Loss) allocation $ 8440 $ (20690) $ (2250)

FINANCIAL ACCOUNTING
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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Your answer is incorrect. Jones, Silva, and Thompson form a partnership and agree to allocate income equally after recognition of 10% interest on beginning capital balances and monthly salary allowances of $2,300 to Jones and $1,400 to Thompson. Capital balances on January 1 were as follows: Jones $40,300 Silva 25,000 Thompson 29,400 Calculate the net income (loss) allocation to each partner under each of the following independent situations. 1. Net income for the year is $98,900. 2. Net income for the year is $38,900. 3. Net loss for the year is $14,500. (Enter loss amounts using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) Jones 1. Income (Loss) allocation $ 46240 +A $ Silva 17110 +A $ Thompson 35550 2. Income (Loss) allocation $ 26040 $ (3090) $ 15350 3. Income (Loss) allocation AA $ 8440 +A $ (20690) +A $ (2250)
Transcribed Image Text:Your answer is incorrect. Jones, Silva, and Thompson form a partnership and agree to allocate income equally after recognition of 10% interest on beginning capital balances and monthly salary allowances of $2,300 to Jones and $1,400 to Thompson. Capital balances on January 1 were as follows: Jones $40,300 Silva 25,000 Thompson 29,400 Calculate the net income (loss) allocation to each partner under each of the following independent situations. 1. Net income for the year is $98,900. 2. Net income for the year is $38,900. 3. Net loss for the year is $14,500. (Enter loss amounts using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) Jones 1. Income (Loss) allocation $ 46240 +A $ Silva 17110 +A $ Thompson 35550 2. Income (Loss) allocation $ 26040 $ (3090) $ 15350 3. Income (Loss) allocation AA $ 8440 +A $ (20690) +A $ (2250)
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