Question: I need help with solving and filling out Part a, b, c, and d Please :) Partnership Income Allocation-Various Options The January 1, 2017 ,
I need help with solving and filling out Part a, b, c, and d Please :)
Partnership Income Allocation-Various Options The January 1, 2017 , balance sheet of the partnership of Linda Kingston and Jeannette Allen is shown below. The partnership reported revenues of $160,000 and expenses of $110,000 for 2017. Neither partner withdrew Required Compute the December 31,2017 , capital balance for each partner under each of the following assumptions: (a) The partnership agreement does not specify how income is to be divided. (b) The partnership agreement specifies that Kingston receives 65 percent of income and Allen 35 percent
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