Question: Required A Required B Required C Prepare a schedule that discloses the distribution of partnership net income for 20X5. Note: Do not round intermediate


Required A Required B Required C Prepare a schedule that discloses the distribution of partnership net income for 20X5. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign. Profit percentage (if positive) Profit percentage (if negative) Net income Interest on average capital balances Bonus on net income before the bonus but after interest Salaries Residual income (loss) allocate - Total Apple Jack Total % % 0% % % 0% 0 0 0 $ 0 0 $ 0 0 $ 0 $ 0 $ 0 Required A Required B Required C Prepare the statement of partners' capital at December 31, 20X5. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign. APPLE - JACK PARTNERSHIP Statement of Partners' Capital For the Year Ended December 31, 20X5 Apple Jack Total Balance, January 1, 20X5 $ 0 0 Net income distribution 0 $ 0 $ 0 $ 0 0 Balance, December 31, 20X5 $ 0 $ 0 $ 0 Show less How would your answer to part a change if all of the provisions of the income distribution plan were the same except that the salaries were $35,000 to Apple and $34,973 to Jack? Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign. Required A Required B Required C Profit percentage (if positive) Profit percentage (if negative) Net income Interest on average capital balances APPLE - JACK PARTNERSHIP Distribution of $86,000 Net Income Apple Jack Total % % 0% % % 0% Bonus on net income before the bonus and after interest Salaries Residual income (loss) allocate Total $ 0 EA 0 EA EA GA 0 0 0 0 0 0 0 0
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
