On October 1, 2018, Allan, Bob, and Carl formed the A, B and C partnership. Allan contributed $ 28800; Bob, $ 36000; and Carl, $ 55200. Allan will manage the store; Bob will work in the store three-quarters of the time; and Carl will not work in the business
Net income for the year ended September 30, 2019, is $ 102000. The first $ 40000 is allocated on the basis of relative partner capital balances. The next $ 23000 is based on services, with $ 13000 going to Allan and $ 10000 going to Bob. Any remainder is shared equally. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.)

 

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A, B, and C Allocation of Profits and Losses Allan Bob Carl Total b. Net income (loss) 102000 Capital allocation: Allan Bob Carl Total capital allocation Net income (loss) remaining for allocation Sharing of next portion based on service: Net income (loss) remaining for allocation Remainder shared equally: Net income (loss) remaining for allocation Net income (loss) allocated to each partner A, B, and C Allocation of Profits and Losses Allan Bob Carl Total b. Net income (loss) 102000 Capital allocation: Allan Bob Carl Total capital allocation Net income (loss) remaining for allocation Sharing of next portion based on service: Net income (loss) remaining for allocation Remainder shared equally: Net income (loss) remaining for allocation Net income (loss) allocated to each partner

Answer rating: 100% (QA)

answere Allan Bob Carl Total b Net income 102000 C... View the full answer