Annie, Peter and Jackson formed a limited liability partnership in 2019. In 2020, the beginning capital...

 

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Annie, Peter and Jackson formed a limited liability partnership in 2019. In 2020, the beginning capital balance of each partner was $22,000, $33,000 and $55,000 respectively. During 2020, the company earned a net income of $72,000, and Annie withdrew $28,000 while Peter and Jackson withdrew $39,000 and $33,000 respectively a) Calculate the amount of net income each partner will receive based on the following independent scenarios. (i) the earnings are divided equally. (ii) Annie receives 35%, Peter receives 43%, and Jackson receives 22% of the earnings. (iii) the earnings are divided based on the partner's capital balance at the beginning of the year. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. Do not use the negative sign. Annie Peter Jackson (1) Subtotal b) Calculate the ending capital balance of each partner, assuming that method (ii) is used to divide earnings. (ii) Beginning Capital Balance 22000 Add: Share of net income Less: Withdrawals Ending Capital Balance Annie (iii) Peter 33000 Jackson ✓ 55000 Annie, Peter and Jackson formed a limited liability partnership in 2019. In 2020, the beginning capital balance of each partner was $22,000, $33,000 and $55,000 respectively. During 2020, the company earned a net income of $72,000, and Annie withdrew $28,000 while Peter and Jackson withdrew $39,000 and $33,000 respectively a) Calculate the amount of net income each partner will receive based on the following independent scenarios. (i) the earnings are divided equally. (ii) Annie receives 35%, Peter receives 43%, and Jackson receives 22% of the earnings. (iii) the earnings are divided based on the partner's capital balance at the beginning of the year. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. Do not use the negative sign. Annie Peter Jackson (1) Subtotal b) Calculate the ending capital balance of each partner, assuming that method (ii) is used to divide earnings. (ii) Beginning Capital Balance 22000 Add: Share of net income Less: Withdrawals Ending Capital Balance Annie (iii) Peter 33000 Jackson ✓ 55000

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To calculate the amount of net income each partner will receive based on the given scenarios a i If ... View the full answer