Question: i need answers 4 Page Problem 4 - 50 points Hope, Enjoy & Faith Inc. reports net income of $945,000. The partnership agreement provides for

i need answers i need answers 4 Page Problem 4 - 50 points Hope, Enjoy

4 Page Problem 4 - 50 points Hope, Enjoy & Faith Inc. reports net income of $945,000. The partnership agreement provides for annual salaries: Hope Enjoy Faith $ 25,000 $ 20,000 $ 15,000 The partnership agreement provides for interest allowances: Hope Enjoy $15,000 $12,000 Bonus for Enjoy of 10%. Use the formula. Any remaining income or loss is to be shared: Enjoy 45% Hope 15% Faith 30% The beginning capital for the partners are: Enjoy S132,000 Faith $190,000 Hope $100,000 During the 2016: Hope contribution additional investment in the partnership for $110,000 Enjoy withdrawals $14,000. Instructions 1. Prepare the schedule to distribution the net income. 2. Prepare the statement of capital for the Hope, Enjoy and Faith Inc

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