Coburn (beginning capital, $64,000) and Webb (beginning capital $95,000) are partners. During 2017, the partnership earned...

 

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Coburn (beginning capital, $64,000) and Webb (beginning capital $95,000) are partners. During 2017, the partnership earned net income of $66,000, and Coburn made drawings of $16,000 while Webb made drawings of $23,000. Assume the partnership income-sharing agreement calls for income to be divided 35% to Coburn and 65% to Webb. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Accsunt Titles and Explanation Debit Credir Assume the partnership income-sharing agreement calls for income to be divided with a salary of $31,000 to Coburn and $27,000 to Webb, with the remainder divided 35% to Coburn and 65% to Webb. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Accsant Titles and Explanation Debir Credil Assume the partnership income-sharing agreement calls for income to be divided with a salary of $39,000 to Coburn and $34,000 to Webb, interest of 11% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Accsunt Titles and Esplanation Debir Credu Compute the partners' ending capital balances under the assumption in part (c) above. Ending capital Coburn 24 Webb %24 Coburn (beginning capital, $64,000) and Webb (beginning capital $95,000) are partners. During 2017, the partnership earned net income of $66,000, and Coburn made drawings of $16,000 while Webb made drawings of $23,000. Assume the partnership income-sharing agreement calls for income to be divided 35% to Coburn and 65% to Webb. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Accsunt Titles and Explanation Debit Credir Assume the partnership income-sharing agreement calls for income to be divided with a salary of $31,000 to Coburn and $27,000 to Webb, with the remainder divided 35% to Coburn and 65% to Webb. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Accsant Titles and Explanation Debir Credil Assume the partnership income-sharing agreement calls for income to be divided with a salary of $39,000 to Coburn and $34,000 to Webb, interest of 11% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Accsunt Titles and Esplanation Debir Credu Compute the partners' ending capital balances under the assumption in part (c) above. Ending capital Coburn 24 Webb %24

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Answer Account title Debit Credit Income Summary 66000 To Coburns Capi... View the full answer