Week #6 Homework Exercises - Microsoft Excel X Home Insert Page Layout Formulas Data Review View 7 - X & Cut Arial - 10 - A A Wrap Text General Normal Bad E AutoSum Copy Fill Paste Format Painter BIULA ta Merge & Center $ % 9 08 08 Conditional Format Good Neutral Insert Delete Format 2 Clear Sort & Find & Formatting * as Table Filter Select Clipboard Font Alignment Number Styles Cells Editing J50 A B C D E F G H J K L M N O P Q R S T The Newman, LLP partnership is comprised of four general partners; Elaine, Jerry, George, & Kramer. The partnership agreement calls for profits of the partnership to be allocated as per the following: 1) Jerry and Kramer are to receive 5% bonuses on partnership profit if there is a profit 2) Each partner is to receive 20% interest on their capital balance at year-end. 7 3) Each partner is to receive a salary of $25,000 if there is a profit, $5,000 if there is not a profit. 4) Any partner that withdrew less than $50,000 from their capital account during the year is to receive a $10,000 bonus 9 5) Any remaining profit or loss is to be allocated to Elaine, Jerry, George, & Kramer in the ratio of 4:2:3:1 respectively 10 11 Elaine Jerry George Kramer 12 Year-End Capital Balances $150,000 $50,000 $75,000 $200,000 13 Total Annual Capital Withdrawals $40,000 $60,000 $10,000 $55,000 14 15 Prepare a distribution of income schedule for the partnership if there was a 20X1 net income of $500,000 by entering the proper amounts in the gray-shaded cells. If there is no amount to be entered in a particular cell, type the word "zero". Do not enter a "0". 16 When correct, the cells will change color to a light green. Do not copy / copy & paste formulas! 17 18 Elaine Jerry George Kramer Total 19 Profit Bonus zero $25,000 zero $25,000 $50,000 20 Interest on Capital 30,000 10,000 15,000 40,000 95,000 21 Salary 25,000 25,000 25,000 25,000 00,000 22 Withdrawal Bonus 10,000 zero 10,000 zero 20,000 23 Sub-Total $65,000 $60,000 $50,000 $90,000 $265,000 24 Remainder to be Allocated 94,000 23,500 235,00 25 Total $159,000 $1 13,500 $500,000 26 Ex 1B Income or Loss Allocation Ex 2A New Partner Ex 2B New Partner 3 Word Problems Ready # 100% + Type here to search O WE ET 2:17 PM O FRA 4/26/2022Week #6 Homework Exercises - Microsoft Excel X Home Insert Page Layout Formulas Data Review View 7 - X & Cut Arial - 10 - A A Wrap Text General Normal Bad E AutoSum Copy Fill Paste Format Painter BIULA Fat Merge & Center $ % 9 08 08 Conditional Format Good Neutral Insert Delete Format Formatting * as Table 2 Clear Sort & Find & Filter Select Clipboard Font Alignment Number Styles Cells Editing J50 A B C D E F G H J K L M N O P Q R S T Prepare a distribution of income schedule for the partnership if there was a 20X1 net income of $100,000 by entering the proper amounts in the gray-shaded cells. If there is no amount to be entered in a particular cell, type the word "zero". Do not enter a "0". 28 When correct, the cells will change color to a light green. Do not copy / copy & paste formulas! 29 30 Elaine Jerry George Kramer Total 31 Profit Bonus zero $5,000 zero $5,000 $10,000 32 Interest on Capital 30,000 10,000 15,000 40,000 ,000 33 Salary 25,000 25.000 25,000 25.000 100.000 34 Withdrawal Bonus 10,000 zero 10,000 zero 20,000 35 Sub-Total $65,000 $40,000 $50,000 $70,000 $225,000 36 Remainder to be Allocated (50,000) (12,500 (125,000) 37 Total $15,000 $57,500 $ 100,000 38 39 Prepare a distribution of income schedule for the partnership if there was a 20X1 net loss of by entering the proper amounts in the gray-shaded cells. If there is no amount to be entered in a particular cell, type the word "zero". Do not enter a "0". 40 When correct, the cells will change color to a light green. Do not copy / copy & paste formulas! 41 42 Elaine Jerry George Kramer Total 43 Profit Bonus zero zero zero zero zero 44 Interest on Capital 30,000 10,000 15,000 40,000 95,000 45 Salary 5,000 5,000 5,000 5,00 20.00 46 Withdrawal Bonus 10,000 zero 10,000 zero 20,000 47 Sub-Total $45,000 $15,000 $30,000 $45,000 $135,000 48 Remainder to be Allocated 94,000 (23,500 235,000) 49 Total ($49,000) $21,500 ($100,000 Ex 1B Income or Loss Allocation Ex 2A New Partner Ex 2B New Partner 3 Word Problems Ready # 100% + Type here to search O EI WE ET 2:17 PM O FRA 4/26/2022