Do Homework - Ch 12 Homework B - Graded - Google Chrome X mylab.pearson.com/Student/PlayerHomework.aspx?homeworkld=637537413&questionld=1&flushed=false&cld=7185065¢erwin=yes ACG2011 Principles of Accounting II Online 705086 Thi Kieu Oanh Duong 11/04/22 6:53 PM Homework: Ch 12 Homework B - Graded Question 2, EF12-16 (similar to) HW Score: 13.64%, 6 of 44 points Save Part 1 of 2 * Points: 0 of 6 Pacheco and Walker have formed a partnership. During their first year of operations, the partnership earned $160,000. Their-profit-and-loss-sharing agreement states that, first, each partner will receive 12% of their capital balances. The second level is based on services, with $10,000 to Pacheco and $12,000 to Walker. The remainder then will be shared 1:1 between Pacheco and Walker, respectively. Read the requirements. X Requirement 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Pacheco's capital balance is $75,000 and Walker's capital balance is $75,000. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) O Pacheco Walker Tota O Net income (loss) $ 160,000 - X Capital allocation: Requirements Pacheco $ 9.000 O Walker $ 9,000 1. Calculate the amount of income each partner will receive under their Salary allowance: profit-and-loss-sharing agreement assuming Pacheco's capital balance is $75,000 and Walker's capital balance is $75,000. Pacheco 10,000 O 2. Journalize the entry to close the Income Summary account for the year. Walker 12,000 Total salary and capital allocation 19000 21000 (40,000) O Net income (loss) remaining for allocation 120,000 Print Done Share of remainder: O Pacheco Walker Total allocation Net income (loss) remaining for allocation Help me solve this Etext pages Get more help - Clear all Check answer 67OF CY 6:54 PM Partly cloudy 11/4/2022 D