partnership income allocation—salary allowance, bonus, and additional contributions during the year

Project Description:

partnership income allocation—salary allowance, bonus, and additional contributions during the year
kathy and eddie formed the k & e partnership several years ago. capital account balances on january 1, 2011, were as follows:

kathy $496,750
eddie $268,250

the partnership agreement provides kathy with an annual salary of $10,000 plus a bonus of 5 percent of partnership net income for managing the business. eddie is provided an annual salary of $15,000 with no bonus. the remainder is shared evenly. partnership net income for 2011 was $30,000. eddie and kathy each invested an additional $5,000 during the year to finance a special purchase. year-end drawing account balances were $15,000 for kathy and $10,000 for eddie.

r e q u i r e d

1. prepare an income allocation schedule.
2. create the journal entries to update the equity accounts at the end of the year.
3. determine the capital balances as of december 31, 2011.
Skills Required:
Project Stats:

Price Type: Negotiable

Expired
Total Proposals: 12
1 Current viewersl
13 Total views
Project posted by:

Proposals

Proposals Reputation Price offered
  • 4.5
    36 Jobs 22 Reviews
    $0 in 0 Day
  • 4.7
    231 Jobs 154 Reviews
    $0 in 0 Day
  • 4.8
    60 Jobs 32 Reviews
    $0 in 0 Day
  • 4.8
    546 Jobs 386 Reviews
    $0 in 0 Day
  • 2.5
    8 Jobs 6 Reviews
    $0 in 0 Day
  • 4.9
    95 Jobs 45 Reviews
    $0 in 0 Day
  • 4.4
    86 Jobs 65 Reviews
    $0 in 0 Day
  • 4.9
    287 Jobs 248 Reviews
    $9 in 0 Day
  • 4.7
    74 Jobs 28 Reviews
    $0 in 0 Day