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accounts show the end of its first year of operations on December 31,2019, SHB Company's...

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Accounting

accounts show the end of its first year of operations on December 31,2019, SHB Company's
The capital balance represents each partner's initial capital investment. Therefore, net income or
net loss for 2019 has not been closed to the partners' capital accounts.
Required:
(a) Fill the x,Y(including 5 digits) respectively
(b) Journalize the entry to record the division of net income for 2019 under each of the independent
assumptions shown on the next page.
(1) Net income is $80,000. Income is shared 5:3:2.
(2) Net income is $35,000. Staal and Harris are given salary allowances of $15,000 and
$10,000, respectively. The remainder is shared equally.
(c) Prepare a schedule showing the division of net income under assumption (2) above.
(d) Prepare a partners' capital statement for the year under assumption (2) above.
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