A-1 A partnership begins its first year of operations with the following capital balances:$ 72,000Allegan, CapitalBerrien, CapitalKent, Capital62,00072,000According to the articles of partnership, all profits will be assigned as follows:Allegan will be awarded an annual salary of $20,000 with $10,000 assigned to Kent.The partners will be attributed interest equal to 10 percent of the capital balance as of the first day of the year.The remainder will be assigned on a 5:2:3 basis, respectively.Each partner is allowed to withdraw up to $5,000 per year.●•Problem 14-11 (Algo) (LO 14-4, 14-5, 14-6)..The net loss for the first year of operations is $28,000, and net income for the subsequent year is $30,000. Each partner withdrawsthe maximum amount from the business each period.Required:Prepare schedules that compute the balances in each partner's capital account at the end of each of the first two years of partnershipoperations.Ending Capital Ending CapitalBalance Year Balance YearOneTwoX Answer is not complete.Prepare schedules that compute the balances in each partner's capital account at the end of Year One of partnershipoperations.Note: Amounts to be deducted should be indicated with minus sign.

Capital Balance at the end of the first year = Opening capital + Annual Salary + Interest on capital…

Problem 14-11 (Algo) (LO 14-4, 14-5, 14-6) A partnership begins its first year of operations with the following capital balances: Allegan, Capital Berrien, Capital $ 72,000 62,000 72,000 Kent, Capital According to the articles of partnership, all profits will be assigned as follows: Allegan will be awarded an annual salary of $20,000 with $10,000 assigned to Kent. The partners will be attributed interest equal to 10 percent of the capital balance as of the first day of the year. . The remainder will be assigned on a 5:2:3 basis, respectively. • Each partner is allowed to withdraw up to $5,000 per year. . The net loss for the first year of operations is $28,000, and net income for the subsequent year is $30,000. Each partner withdraws the maximum amount from the business each period. Required: Prepare schedules that compute the balances in each partner's capital account at the end of each of the first two years of partnership operations. www. Ending Capital Ending Capital Balance Year Balance Year One Two Answer is not complete. Prepare schedules that compute the balances in each partner's capital account at the end of Year One of partnership operations. Note: Amounts to be deducted should be indicated with minus sign.

Problem 14-11 (Algo) (LO 14-4, 14-5, 14-6) A partnership begins its first year of operations with the following capital balances: Allegan, Capital Berrien, Capital $ 72,000 62,000 72,000 Kent, Capital According to the articles of partnership, all profits will be assigned as follows: Allegan will be awarded an annual salary of $20,000 with $10,000 assigned to Kent. The partners will be attributed interest equal to 10 percent of the capital balance as of the first day of the year. . The remainder will be assigned on a 5:2:3 basis, respectively. • Each partner is allowed to withdraw up to $5,000 per year. . The net loss for the first year of operations is $28,000, and net income for the subsequent year is $30,000. Each partner withdraws the maximum amount from the business each period. Required: Prepare schedules that compute the balances in each partner's capital account at the end of each of the first two years of partnership operations. www. Ending Capital Ending Capital Balance Year Balance Year One Two Answer is not complete. Prepare schedules that compute the balances in each partner's capital account at the end of Year One of partnership operations. Note: Amounts to be deducted should be indicated with minus sign.

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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Question

A-1

A partnership begins its first year of operations with the following capital balances:
$ 72,000
Allegan, Capital
Berrien, Capital
Kent, Capital
62,000
72,000
According to the articles of partnership, all profits will be assigned as follows:
Allegan will be awarded an annual salary of $20,000 with $10,000 assigned to Kent.
The partners will be attributed interest equal to 10 percent of the capital balance as of the first day of the year.
The remainder will be assigned on a 5:2:3 basis, respectively.
Each partner is allowed to withdraw up to $5,000 per year.
●
•
Problem 14-11 (Algo) (LO 14-4, 14-5, 14-6)
.
.
The net loss for the first year of operations is $28,000, and net income for the subsequent year is $30,000. Each partner withdraws
the maximum amount from the business each period.
Required:
Prepare schedules that compute the balances in each partner's capital account at the end of each of the first two years of partnership
operations.
Ending Capital Ending Capital
Balance Year Balance Year
One
Two
X Answer is not complete.
Prepare schedules that compute the balances in each partner's capital account at the end of Year One of partnership
operations.
Note: Amounts to be deducted should be indicated with minus sign.

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