Take me to the text Noemi Loop, Lilia Hopkin and George Smar perform in a band operating as a partnership. According to the partnership agreement, Noemi receives a salary of $20,000, Lilia receives a salary of $27,000, and George a salary of $29,000. They are also to receive nominal interest of 4% on the capital at the end of the preceding year (capital balances are Noemi - $1,400, Lilia - $13,000, George - $24,000). The remainder is divided equally. During the year partners withdrew $19,000 each as an advance to their share of partnership earnings. The band made $116,836 after paying all other expenses. Prepare a table showing the income distribution for the year.
Take me to the text Noemi Loop, Lilia Hopkin and George Smar perform in a band operating as a partnership. According to the partnership agreement, Noemi receives a salary of $20,000, Lilia receives a salary of $27,000, and George a salary of $29,000. They are also to receive nominal interest of 4% on the capital at the end of the preceding year (capital balances are Noemi - $1,400, Lilia - $13,000, George - $24,000). The remainder is divided equally. During the year partners withdrew $19,000 each as an advance to their share of partnership earnings. The band made $116,836 after paying all other expenses. Prepare a table showing the income distribution for the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Noemi Loop, Lilia Hopkin and George Smar perform in a band operating as a
partnership. According to the partnership agreement, Noemi receives a
salary of $20,000, Lilia receives a salary of $27,000, and George a salary of
$29,000. They are also to receive nominal interest of 4% on the capital at the
end of the preceding year (capital balances are Noemi - $1,400, Lilia -
$13,000, George - $24,000). The remainder is divided equally. During the
year partners withdrew $19,000 each as an advance to their share of
partnership earnings. The band made $116,836 after paying all other
expenses.
Prepare a table showing the income distribution for the year.
Do not enter dollar signs or commas in the input boxes.
Round your answers to the nearest whole number.
Use the negative sign for negative values or values that must be subtracted.
Total
Loop
Hopkin
Smar
Opening
Capital
Balance
Withdrawals
During the
Year
Subtotal
Net Income
Salaries
Interest
Remainder
Share of
Profit to
Partners
Transfer to
Partner's
Capital
Accounts
Closing
Capital
Balance
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