Problem 9-22 (Algo) (LO 9-4, 9-5, 9-6) Alford, Beeson, and Carlton have operated a coffee shop for a number of years as a partnership. At the beginning of 2024, capital balances were as follows: Alford Beeson Carlton Due to a cash shortage, Alford invests an additional $6,000 in the business on April 1, 2024. Each partner is allowed to withdraw $700 cash each month. The partners have used the same method of allocating profits and losses since the business's inception: • Each partner is given the following compensation allowance for work done in the business: Alford, $13,000; Beeson, $29,000; and Carlton, $6,000. $ 68,000 48,000 20,000 Each partner is credited with interest equal to 10 percent of the average monthly capital balance for the year without regard for normal drawings. Any remaining profit or loss is allocated 2:2:6 to Alford, Beeson, and Carlton, respectively. The net income for 2024 is $44,000. Each partner withdraws the allotted amount each month. Required: Prepare a schedule showing calculations for the partners' 2024 ending capital balances. Note: Amounts to be deducted should be indicated with minus sign. Beginning balances Additional contribution Net income Drawings Ending capital balances ALFORD, BEESON, and CARLTON Statement of Partners' Capital For the Year Ending December 31, 2024 Alford Beeson $ 68,000 $ 6,000 $ 74,000 $ 48,000 $ 0 48,000 $ Carlton 20,000 $ 0 20,000 $ Totals 136,000 6,000 0 0 142,000

Q: JE for A?

A: Here asked for the journal entry related with the construction of library and its total proceedings…

Q: What are ADRs?

A: Answer: An American depositary receipt (ADR) is a negotiable asset that denotes a non-US company…

Q: What is BATNA?

A:

Q: How to calculate PMT,  P/Y and C/Y

A: As per the given information: The time value of money concept states that earlier receipts are more…

Q: How about the Question 3

A: The present value of growth opportunity is defined as the value of stock attributed to the earnings…

Q: I need examples

A: Skimming fraud can be possible in business or personal basis. It is white collor crime. Generally It…

Q: Explain the difference between murabaha and mudharaba?

A: Both murabaha and mudharaba are instruments of Islamic finance. There exists some differences…

Q: I need exact interest

A: Solution:Exact interest method is based on 365 days in a year.As per exact interest method,Interest…

Q: can you solve by ansewring the question'a in a fromual.

A: Data given: Costs  of house(Purchase price) =$250,000 Down payment = 2% of the purchase price.…

Q: Describe the features of JIT.

A:

Q: w to calculate WAC

A: The weighted average cost of capital, commonly regarded as the WACC is the total cost of all the…

Q: what about quesitons E and F?

A: Work in progress (WIP) also called work in process, is inventory that has begun the manufacturing…

Q: What is APR?

A: In US, calculation as well as disclosure of Annual Percentage Rate is basically government by an act…

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.