Given the following information, prepare a schedule to show the allocation of the partnership income. Partner...
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Given the following information, prepare a schedule to show the allocation of the partnership income. Partner A Partner B 4/5 6,000 50,000 1/1 4,200 9/25 8,000 11/28 6/1 15,000 80,000 1/1 14,500 3,000 10/1 12/3 Partnership Income is $100,000. The partnership agreement provides for division of income as follows: 1. Each partner is to be credited 10% interest based on his or her average capital balance. 2. Any remaining income or loss is to be divided equally. Given the following information, prepare a schedule to show the allocation of the partnership income. Partner A Partner B 4/5 6,000 50,000 1/1 4,200 9/25 8,000 11/28 6/1 15,000 80,000 1/1 14,500 3,000 10/1 12/3 Partnership Income is $100,000. The partnership agreement provides for division of income as follows: 1. Each partner is to be credited 10% interest based on his or her average capital balance. 2. Any remaining income or loss is to be divided equally.
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