Background Information Assume that the salaries were $30,000 to Apple and $35,000 to Jack (instead of $25,000

 Background Information

 

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Assume that the salaries were $30,000 to Apple and $35,000 to Jack (instead of $25,000 to Apple and $30,000 to Jack) and assume that the entire P/L distribution process must be completed before allocating the residual to the partners. Answer the following two questions. (DO NOT round your numbers except for the final answers.) (1) How much is the amount of 20×5 income to be distributed to each partner, respectively? Apple Jack (2) How much is the capital balance for each partner as of December 31, 20X5? Apple Jack $ Assume that the salaries were $30,000 to Apple and $35,000 to Jack (instead of $25,000 to Apple and $30,000 to Jack) and assume that the entire P/L distribution process must be completed before allocating the residual to the partners. Answer the following two questions. (DO NOT round your numbers except for the final answers.) (1) How much is the amount of 20×5 income to be distributed to each partner, respectively? Apple Jack (2) How much is the capital balance for each partner as of December 31, 20X5? Apple Jack $

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ANSWER 1 For Apple the amount of ... View the full answer