Mike and Rachel form M&R Partnership. Mike invests $58,000 cash and Rachel invests $78,000 cash. The...

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Mike and Rachel form M&R Partnership. Mike invests $58,000 cash and Rachel invests $78,000 cash. The partners agree to share income as follows: Mike gets a salary allowance of $5,000 per year and Rachel gets a salary allowance of $10,800 per year, both get an annual interest allowance of 10% on their initial investment; and any remaining balance is shared equally. Net income for the year is $48,000. Also, Mike withdrew $2,800 cash from the partnership and Rachel withdrew $3,800. Prepare a statement of partners' equity for the year ended December 31. (Do not round intermediate calculations. Enter all allowances as positive values. Enter losses as negative values.) M&R PARTNERSHIP Statement of Partners' Equity For Year Ended December 31 Mike Total Initial partnership investments Net income Total net income Total Rachel Mike and Rachel form M&R Partnership. Mike invests $58,000 cash and Rachel invests $78,000 cash. The partners agree to share income as follows: Mike gets a salary allowance of $5,000 per year and Rachel gets a salary allowance of $10,800 per year, both get an annual interest allowance of 10% on their initial investment; and any remaining balance is shared equally. Net income for the year is $48,000. Also, Mike withdrew $2,800 cash from the partnership and Rachel withdrew $3,800. Prepare a statement of partners' equity for the year ended December 31. (Do not round intermediate calculations. Enter all allowances as positive values. Enter losses as negative values.) M&R PARTNERSHIP Statement of Partners' Equity For Year Ended December 31 Mike Total Initial partnership investments Net income Total net income Total Rachel

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Answers Answer Particulars Mike Rachel Initial Partnership Investment 58000 78000 ... View the full answer