For 2020, Bob earned a salary of $42117. Each partner receives interest of 8% of the beginning

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For 2020, Bob earned a salary of $42117. Each partner receives interest of 8% of the beginning capital balance for the year. Total income of the partnership in 2020 was $120266.

Capital 1/1/2020

Profit/loss% Withdrawals in 2020

Alice 39285 30% 15,000

Bob 26528 25% 45,000

Carol 41594 45% 30,000

How much income should be attributed to Alice in 2020?

What is Bob's capital balance at 12/31/2020?

Related Book For answer-question

Advanced Accounting

ISBN: 9781260247824

14th Edition

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

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Posted Date: Jun 06, 2022 05:52 AM

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For 2020, Bob earned a salary of $42117. Each partner receives interest of 8% of the beginning

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Advanced Accounting

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