Question: don't answer it becouse I already answre it The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit

 don't answer it becouse I already answre it The partnership agreement
don't answer it
becouse I already answre it

The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence Jones, the managing partner, receives a bonus equal to 20 percent of the business's profit Each partner receives 16 percent interest on average capital investment. Any residual profit or loss is divided equally. The average capital investments for 2021 were as follows: Jones King Lane $ 165,000 33 , 495, eee The partnership earned $75,000 net income for 2021. Prepare a schedule showing how the 2021 net income should be allocated to the partners (Loss amounts should be indicated with a minus sign.) Jones King Lane Total Net income Bonus Interest 0 0 $ 0 0 Remainder to allocate Total allocation O OO $ 0 $ 0 S 0 $ 0

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!