The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Taturm receives a 10,000 salary andBrook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit for the year1 isA $40,000B. $25,000C $100,000In addition, show the resulting entries to each partner's capital account. Tatum's capital account balance is $50,000 and Brook's is$60,000.6.7.10A.TatumBrookTotalTo complete: $40,000- 10,000-15,000 =1112SalariesThen, take a percentage off the result. Meaning what is G0% of the result.Remaing Income AllocationTotal Division of Income13S.This will give you Remaining ncome Allocation.14Lastly, total your items and they should equal out to the $40,000.1516DebitCredtIncome SummaryTatum Capital171819Income SummaryBrook Capital20212223B.TatumBrookTotalSalariesRemaing Income AllocationTotal Division of Income2425262728DebitCredtIncome SummaryTatum Capital293031Income SummaryBrook Capital32S.34C.TatumBrookTotalSalariesRemaing Income AllocationTotal Division of Income3037383940Income SummaryTatum Capital414243Income SummaryBrook Capital4540SSS%24 The partnership of Magda and Sue shares profits and losses In a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a$6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year Is:A. $10,000B. $5,0005O$152C. ($12,000) LOSSIn addition, show the resulting entries to each partner's capital account.535455A.MagdaSueTotal56SalarlesRemaing Income AllocationTotal Division of Income57585960DebitCreditIncome SummaryMadga, Capital616263Income SummarySue, Capital64656667В.MagdaSueTotalSalariesRemaing Income AllocationTotal Division of Income6869707172DebitCreditIncome SummaryMagda Capital737475Income SummarySue, Capital767778C.SalariesRemaing Income AllocationTotal Division of Income79MagdaTotalTo Complete: 13,500 + 12,000 (loss) = 25,500Sue80Then, take a percentage off the result.Which is 50/50 apit.81S.This will give you Remaining Income Allociation,82Lastiy, total your items and they should equal out to the $12 00024DebitCreditMagda, CapitalIncome Summary85For this one, vou need to DEDUCT the S,750 from Capital then Income Summary,86Capital s debit, income summaryis credit,87Sue, CapitalIncome Summary8889SSSSSSSSS%24%24SSS

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. Prepare a schedule showing how the profit and loss should be divided, assuming the profit for the year 1 is A S40,000 8. $25,000 C $100,000 In addition, show the resulting entries to each partner's capital account. Tatum's capital account balance is S50,000 and Brook's is S60,000. A. Tatum *To complete: S40,000 - 10,000 - 15,000- Brook Total Salaries Then, take a percentage off the resut. Meaning what is o of the resut This will give you Remaining Income Allocation Remaing Income Allocation Total Division of Income Ltly, total your hems and they should equal out te the S40.000. Debit Credit Income Summary Tatum Capital Income Summary Brook Capital B. Tatum Brook Total Salaries Remaing Income Allocation %24 Total Division of Income %24 Debit Credi Income Summary Tatum Capital Income Summary Brook Capital C. Tatum Brook Total Salaries Remaing Income Allocation %24 Total Division of income %24 Credi Income Summanry Tatum Capital Income Summany Brook Capital SSS

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. Prepare a schedule showing how the profit and loss should be divided, assuming the profit for the year 1 is A S40,000 8. $25,000 C $100,000 In addition, show the resulting entries to each partner's capital account. Tatum's capital account balance is S50,000 and Brook's is S60,000. A. Tatum *To complete: S40,000 - 10,000 - 15,000- Brook Total Salaries Then, take a percentage off the resut. Meaning what is o of the resut This will give you Remaining Income Allocation Remaing Income Allocation Total Division of Income Ltly, total your hems and they should equal out te the S40.000. Debit Credit Income Summary Tatum Capital Income Summary Brook Capital B. Tatum Brook Total Salaries Remaing Income Allocation %24 Total Division of Income %24 Debit Credi Income Summary Tatum Capital Income Summary Brook Capital C. Tatum Brook Total Salaries Remaing Income Allocation %24 Total Division of income %24 Credi Income Summanry Tatum Capital Income Summany Brook Capital SSS

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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