AutoSavePrueba 2a(3) - WordP SearchASAEL J ARZON RIVERAO XffAJFileHomeInsertDrawDesignLayoutReferencesMailingsReviewViewHelpRCMTable DesignLayoutA ShareP CommentsX CutFind- 10 - A A Aav AAaBbC AaBbCcDd AaBbCcDd AaBbC AaBbCcD AaB AaBbCcDVerdanaLE CopyE ReplacePasteBIU v ab x, x A - erAvE E-Heading 21 Normal1 No Spac. Heading 1Heading 3TitleDictateSensitivityEditorSubtitleFormat PainterA Select vClipboardFontParagraphStylesEditingVoiceSensitivityEditorNet Income $BakerFlandTotalSalary AllowanceInterest AllowanceRemainderTotalJournalRefDebitCreditDateAccount name4Page 3 of 7793 wordsEnglish (United States)D Focus100%1:59 PMO Type here to searchwENG2/19/2021< > 1> AutoSavePrueba 2a(3) - WordP SearchASAEL J ARZON RIVERAO XffAJFileHomeInsertDrawDesignLayoutReferencesMailingsReviewViewHelpRCMTable DesignLayoutA ShareP CommentsX CutFind- 10 - A A Aav AAaBbC AaBbCcDd AaBbCcDd AaBbC AaBbCcD AaB AaBbCcDVerdanaLE CopyE ReplacePasteBIU v ab x, x A - erAvHeading 21 Normal1 No Spac. Heading 1 Heading 3DictateSensitivityEditorTitleSubtitleFormat PainterA Select vClipboardFontParagraphStylesEditingVoiceSensitivityEditorPROBLEM #2Baker and Fland a partnership agreement which includes the following provisions regarding sharingnet income loss:1. A salary allowance of $36,000 to Baker and $24,000 to Fland.2. An interest allowance of 10% on capital balances at the beginning of the year.3. The remainder to be divided 60% to Baker and 40% to Fland.The capital balance on January 1, 2020, for Baker and Fland was $60,000 and $80,000,respectively. During 2020, the Baker and Fland Partnership had a net income of $80,000.INSTRUCTIONSPrepare a Division of Net Income to each of the partners. Prepare the journal entry.Net Income $BakerFlandTotalSalary AllowanceInterest AllowanceRemainderTotalPage 3 of 7793 wordsEnglish (United States)D Focus100%1:59 PMO Type here to searchwENG2/19/2021< > 1>

Partnership Accounts: A partnership is a form of business organization where two or more individuals…

PROBLEM #2 Baker and Fland a partnership agreement which includes the following provisions regarding sharing net income loss: 1. A salary allowance of $36,000 to Baker and $24,000 to Fland. 2. An interest allowance of 10% on capital balances at the beginning of the year. 3. The remainder to be divided 60% to Baker and 40% to Fland. The capital balance on January 1, 2020, for Baker and Fland was $60,000 and $80,000, respectively. During 2020, the Baker and Fland Partnership had a net income of $80,000. INSTRUCTIONS Prepare a Division of Net Income to each of the partners. Prepare the journal entry. Net Income $ Baker Fland Total Salary Allowance Interest Allowance Remainder Total

PROBLEM #2 Baker and Fland a partnership agreement which includes the following provisions regarding sharing net income loss: 1. A salary allowance of $36,000 to Baker and $24,000 to Fland. 2. An interest allowance of 10% on capital balances at the beginning of the year. 3. The remainder to be divided 60% to Baker and 40% to Fland. The capital balance on January 1, 2020, for Baker and Fland was $60,000 and $80,000, respectively. During 2020, the Baker and Fland Partnership had a net income of $80,000. INSTRUCTIONS Prepare a Division of Net Income to each of the partners. Prepare the journal entry. Net Income $ Baker Fland Total Salary Allowance Interest Allowance Remainder Total

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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Concept explainers

Partnership Accounting

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.

Partner Admission and Withdrawal

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.

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Prueba 2a(3) - Word
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ASAEL J ARZON RIVERA
O X
ff
AJ
File
Home
Insert
Draw
Design
Layout
References
Mailings
Review
View
Help
RCM
Table Design
Layout
A Share
P Comments
X Cut
Find
- 10 - A A Aav A
AaBbC AaBbCcDd AaBbCcDd AaBbC AaBbCcD AaB AaBbCcD
Verdana
LE Copy
E Replace
Paste
BIU v ab x, x A - erAv
E E-
Heading 2
1 Normal
1 No Spac. Heading 1
Heading 3
Title
Dictate
Sensitivity
Editor
Subtitle
Format Painter
A Select v
Clipboard
Font
Paragraph
Styles
Editing
Voice
Sensitivity
Editor
Net Income $
Baker
Fland
Total
Salary Allowance
Interest Allowance
Remainder
Total
Journal
Ref
Debit
Credit
Date
Account name
4
Page 3 of 7
793 words
English (United States)
D Focus
100%
1:59 PM
O Type here to search
w
ENG
2/19/2021
< > 1>

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