Alex, Baker and Carlton have operated a small hardware store for a number of years as...

 

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Alex, Baker and Carlton have operated a small hardware store for a number of years as a partnership. At the beginning of 2021, the capital balances were as follows: Alex Baker Carlton $84,000 $64,000 $20,000 Due to a cash shortage, Alex invests an additional in the business on April 1, 2021. $800 cash each month. Each partner withdraws just The partners have used the same method of allocating profits and losses since they started the business. -Each partner is given the following compensation for their work at the store: Alex Baker Carlton -Each partner is credited with interest equal to of the average monthly capital balance for the year without regard for normal drawings. $10,000 -Any remaining profit or loss is allocated to Alex, Baker and Carlton, respectively. The net income for 2021 is $26,000 $15,000 $25,000 $8,000 5:2:3 Each partner withdraws the allotted amount each month. Prepare a schedule showing the distribution of 2021 net income to the partners following the method of allocating profits and losses used by the partners since they started the business. 20% Alex, Baker and Carlton have operated a small hardware store for a number of years as a partnership. At the beginning of 2021, the capital balances were as follows: Alex Baker Carlton $84,000 $64,000 $20,000 Due to a cash shortage, Alex invests an additional in the business on April 1, 2021. $800 cash each month. Each partner withdraws just The partners have used the same method of allocating profits and losses since they started the business. -Each partner is given the following compensation for their work at the store: Alex Baker Carlton -Each partner is credited with interest equal to of the average monthly capital balance for the year without regard for normal drawings. $10,000 -Any remaining profit or loss is allocated to Alex, Baker and Carlton, respectively. The net income for 2021 is $26,000 $15,000 $25,000 $8,000 5:2:3 Each partner withdraws the allotted amount each month. Prepare a schedule showing the distribution of 2021 net income to the partners following the method of allocating profits and losses used by the partners since they started the business. 20%

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Statement of Partners Capital Particulars Alex Baker Carlton Total Beginnning Balances J... View the full answer