opening capital balance was $377,000 and Moe's opening capital balance was $282,750. The business reported a net income of $495,500. Their partnership agreement provided for sharing of net income (loss) on the following basis: 1. Salary allocation of $101,300 to Curly, $79,400 to Larry and $79,000 to Moe 2. Remainder shared where Curly gets 15%, Larry gets 40% and Moe gets 45%. Prepare a table showing changes in the partners' capital during the year.

opening capital balance was $377,000 and Moe's opening capital balance was $282,750. The business reported a net income of $495,500. Their partnership agreement provided for sharing of net income (loss) on the following basis: 1. Salary allocation of $101,300 to Curly, $79,400 to Larry and $79,000 to Moe 2. Remainder shared where Curly gets 15%, Larry gets 40% and Moe gets 45%. Prepare a table showing changes in the partners' capital during the year.

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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