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Shares of each partner

Shares of each partner

FINANCIAL ACCOUNTING
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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For Industry H, determine each partner's share of income assuming the partners agree to share income by giving a $67,700 per year salary allowance to Price, a $126,100 per year salary allowance to Waterhouse, a $113,700 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.) Important! Be sure to click the correct Industry at the top of the dashboard. 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 Initial partnership investments Net income Allocation of Partnership Income Price Total net income Total 0 Waterhouse $ $ PRICE, WATERHOUSE, AND COOPERS Statement of Partners' Equity For Year Ended December 31 Price Coopers 0 0 Waterhouse 0 0 0 $ For Industry H, prepare a statement of partners' equity for the year ended December 31. Hint: Use answers from Required 1 to prepare the statement. (Do not round intermediate calculations. Enter all allowances as positive values. Enter losses and withdrawals as negative values.) Important! Be sure to click the correct Industry at the top of the dashboard. 0 $ S Total 0 Coopers 0 0 0 0 0 $ EA $ Total 0 Show less A 0 0 0 0 Price: 50000 Waterhouse: 750000 Coopers:125000 Advisory Services Revenue : 325000 Auditing REvenue: 412000 Tax Services REvenue: 250000 Owners withdraws price: 6250 Owners withdraws waterhouse 7500 Coopers:5000 Salaries Expense: 150000 Advertising Expense: 137500 Supplies Expense: 77500 Insurance Expense: 80000 Rent Expense: 85000 Show less A
Transcribed Image Text:For Industry H, determine each partner's share of income assuming the partners agree to share income by giving a $67,700 per year salary allowance to Price, a $126,100 per year salary allowance to Waterhouse, a $113,700 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.) Important! Be sure to click the correct Industry at the top of the dashboard. 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 Initial partnership investments Net income Allocation of Partnership Income Price Total net income Total 0 Waterhouse $ $ PRICE, WATERHOUSE, AND COOPERS Statement of Partners' Equity For Year Ended December 31 Price Coopers 0 0 Waterhouse 0 0 0 $ For Industry H, prepare a statement of partners' equity for the year ended December 31. Hint: Use answers from Required 1 to prepare the statement. (Do not round intermediate calculations. Enter all allowances as positive values. Enter losses and withdrawals as negative values.) Important! Be sure to click the correct Industry at the top of the dashboard. 0 $ S Total 0 Coopers 0 0 0 0 0 $ EA $ Total 0 Show less A 0 0 0 0 Price: 50000 Waterhouse: 750000 Coopers:125000 Advisory Services Revenue : 325000 Auditing REvenue: 412000 Tax Services REvenue: 250000 Owners withdraws price: 6250 Owners withdraws waterhouse 7500 Coopers:5000 Salaries Expense: 150000 Advertising Expense: 137500 Supplies Expense: 77500 Insurance Expense: 80000 Rent Expense: 85000 Show less A
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