The partnership of Angel Investor Associates began operations on January 1, 2010, with contributions from two partners
Question:
The partnership of Angel Investor Associates began operations on January 1, 2010, with contributions from two partners as follows:
Jen Wilson $45,000
Teresa McDonald 55,000
The following additional partner transactions took place during the year:
1. In early January, Jaime Holden is admitted to the partnership by contributing $25,000 cash for a 20% interest.
2. Net income of $160,000 was earned in 2010. In addition, Jen Wilson received a salary allowance of $30,000 for the year. The three partners agree to an income-sharing ratio equal to their capital balances after admitting Holden.
3. The partners’ withdrawals are equal to half of the increase in their capital balances from income.
Prepare a statement of partnership equity for the year ended December 31, 2010.
PartnershipA legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Related Book For 
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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