Noemi Loop, Lilia Hopkin and George Smar perform in a band operating as a partnership. According...

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Noemi Loop, Lilia Hopkin and George Smar perform in a band operating as a partnership. According to the partnership agreement, Noemi receives a salary of $20,000, Lilia receives a salary of $27,000, and George a salary of $29,000. They are also to receive nominal interest of 4% on the capital at the end of the preceding year (capital balances are Noemi - $1,400, Lilia - $13,000, George - $24,000). The remainder is divided equally. During the year partners withdrew $19,000 each as an advance to their share of partnership earnings. The band made $116,836 after paying all other expenses. Prepare a table showing the income distribution for the year. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. Use the negative sign for negative values or values that must be subtracted. Opening Capital Balance Withdrawals During the Year Subtotal Net Income Salaries Interest Remainder Share of Profit to Partners Transfer to Partner's Capital Accounts Closing Capital Balance Total Loop Hopkin Smar x X Noemi Loop, Lilia Hopkin and George Smar perform in a band operating as a partnership. According to the partnership agreement, Noemi receives a salary of $20,000, Lilia receives a salary of $27,000, and George a salary of $29,000. They are also to receive nominal interest of 4% on the capital at the end of the preceding year (capital balances are Noemi - $1,400, Lilia - $13,000, George - $24,000). The remainder is divided equally. During the year partners withdrew $19,000 each as an advance to their share of partnership earnings. The band made $116,836 after paying all other expenses. Prepare a table showing the income distribution for the year. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. Use the negative sign for negative values or values that must be subtracted. Opening Capital Balance Withdrawals During the Year Subtotal Net Income Salaries Interest Remainder Share of Profit to Partners Transfer to Partner's Capital Accounts Closing Capital Balance Total Loop Hopkin Smar x X

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Opening Capital Balance Loop 1400 Hopkin 13000 Smar 24000 Total 38400 Sum of individual capital balances Withdrawals During the Year Loop 19000 Hopkin ... View the full answer