The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a $10,000 salary and Brook receives a $15,000 salary. Question Content Area Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: If an amount is zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) A. $60,000 Tatum Brook Total Salaries $fill in the blank 4f61950d2013fee_1 $fill in the blank 4f61950d2013fee_2 $fill in the blank 4f61950d2013fee_3 Remaining income allocation fill in the blank 4f61950d2013fee_4 fill in the blank 4f61950d2013fee_5 fill in the blank 4f61950d2013fee_6 Total division of income $fill in the blank 4f61950d2013fee_7 $fill in the blank 4f61950d2013fee_8 $fill in the blank 4f61950d2013fee_9 B. $25,000 Tatum Brook Total Salaries $fill in the blank 4f61950d2013fee_10 $fill in the blank 4f61950d2013fee_11 $fill in the blank 4f61950d2013fee_12 Remaining income allocation fill in the blank 4f61950d2013fee_13 fill in the blank 4f61950d2013fee_14 fill in the blank 4f61950d2013fee_15 Total division of income $fill in the blank 4f61950d2013fee_16 $fill in the blank 4f61950d2013fee_17 $fill in the blank 4f61950d2013fee_18 C. $(5,000) Tatum Brook Total Salaries $fill in the blank 4f61950d2013fee_19 $fill in the blank 4f61950d2013fee_20 $fill in the blank 4f61950d2013fee_21 Remaining income allocation fill in the blank 4f61950d2013fee_22 fill in the blank 4f61950d2013fee_23 fill in the blank 4f61950d2013fee_24 Total division of income $fill in the blank 4f61950d2013fee_25 $fill in the blank 4f61950d2013fee_26 $fill in the blank 4f61950d2013fee_27
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.
The
Question Content Area
Prepare a schedule showing how the
If an amount is zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300)
A. $60,000
| Tatum | Brook | Total | |
| Salaries | $fill in the blank 4f61950d2013fee_1 | $fill in the blank 4f61950d2013fee_2 | $fill in the blank 4f61950d2013fee_3 |
| Remaining income allocation | fill in the blank 4f61950d2013fee_4 | fill in the blank 4f61950d2013fee_5 | fill in the blank 4f61950d2013fee_6 |
| Total division of income | $fill in the blank 4f61950d2013fee_7 | $fill in the blank 4f61950d2013fee_8 | $fill in the blank 4f61950d2013fee_9 |
B. $25,000
| Tatum | Brook | Total | |
| Salaries | $fill in the blank 4f61950d2013fee_10 | $fill in the blank 4f61950d2013fee_11 | $fill in the blank 4f61950d2013fee_12 |
| Remaining income allocation | fill in the blank 4f61950d2013fee_13 | fill in the blank 4f61950d2013fee_14 | fill in the blank 4f61950d2013fee_15 |
| Total division of income | $fill in the blank 4f61950d2013fee_16 | $fill in the blank 4f61950d2013fee_17 | $fill in the blank 4f61950d2013fee_18 |
C. $(5,000)
| Tatum | Brook | Total | |
| Salaries | $fill in the blank 4f61950d2013fee_19 | $fill in the blank 4f61950d2013fee_20 | $fill in the blank 4f61950d2013fee_21 |
| Remaining income allocation | fill in the blank 4f61950d2013fee_22 | fill in the blank 4f61950d2013fee_23 | fill in the blank 4f61950d2013fee_24 |
| Total division of income | $fill in the blank 4f61950d2013fee_25 | $fill in the blank 4f61950d2013fee_26 | $fill in the blank 4f61950d2013fee_27 |
Question Content Area
Prepare the
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