Price Waterhouse Coopers $0 View on Tableau Public $500 Net income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of each partner Owner Withdrawals $ $1,000 5050. | 1. Determine each partner's share of income assuming the partners agree to share Income by giving a $27,000 per year salary allowance to Price, a $50,000 per year salary allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, a 15% Interest on their initial capital Investments, and the remaining balance shared equally. 2. Prepare a statement of partners' equity for the year ended December 31. Complete this question by entering your answers in the tabs below. 27,000 Allocation of Partnership Income Price 3.000 15,000 Answer is not complete. Required 1 Required 2 Determine each partner's share of income assuming the partners agree to share income by giving a $27,000 per year salary allowance to Price, a $50,000 per year salary allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, a 15% interest on their initial capital investments, and the remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Show less ▲ $1,500 Waterhouse $ 50,000 4,500 15,000 Coopers S 46,000 45,000 $ 69,500 $ $2,000 7,500 15,000 68,500 S S Total 183,000 123,000 45,000 X 15,000 $2,500 37,500 45,000 $3,000 0 Share
Price Waterhouse Coopers $0 View on Tableau Public $500 Net income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of each partner Owner Withdrawals $ $1,000 5050. | 1. Determine each partner's share of income assuming the partners agree to share Income by giving a $27,000 per year salary allowance to Price, a $50,000 per year salary allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, a 15% Interest on their initial capital Investments, and the remaining balance shared equally. 2. Prepare a statement of partners' equity for the year ended December 31. Complete this question by entering your answers in the tabs below. 27,000 Allocation of Partnership Income Price 3.000 15,000 Answer is not complete. Required 1 Required 2 Determine each partner's share of income assuming the partners agree to share income by giving a $27,000 per year salary allowance to Price, a $50,000 per year salary allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, a 15% interest on their initial capital investments, and the remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Show less ▲ $1,500 Waterhouse $ 50,000 4,500 15,000 Coopers S 46,000 45,000 $ 69,500 $ $2,000 7,500 15,000 68,500 S S Total 183,000 123,000 45,000 X 15,000 $2,500 37,500 45,000 $3,000 0 Share
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Price
Waterhouse
Coopers
$0
View on Tableau Public
$500
Net income (loss)
Salary allowances
Balance of income (loss)
Interest allowances
Balance of income (loss)
Balance allocated equally
Balance of income (loss)
Shares of each partner
Owner Withdrawals
$
$1,000
5050. |
1. Determine each partner's share of income assuming the partners agree to share Income by giving a $27,000 per year salary
allowance to Price, a $50,000 per year salary allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, a 15%
Interest on their initial capital Investments, and the remaining balance shared equally.
2. Prepare a statement of partners' equity for the year ended December 31.
Complete this question by entering your answers in the tabs below.
27,000
Allocation of Partnership Income
Price
3.000
15,000
Answer is not complete.
Required 1 Required 2
Determine each partner's share of income assuming the partners agree to share income by giving a $27,000 per year salary
allowance to Price, a $50,000 per year salary allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, a
15% interest on their initial capital investments, and the remaining balance shared equally. (Enter all allowances as positive
values. Enter losses as negative values.)
Show less ▲
$1,500
Waterhouse
$ 50,000
4,500
15,000
Coopers
S 46,000
45,000 $ 69,500 $
$2,000
7,500
15,000
68,500
S
S
Total
183,000
123,000
45,000 X
15,000
$2,500
37,500
45,000
$3,000
0
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