Class 6 (Chapter 11) i 4 1 points 02:59:48 Print Liam and Katano formed a...
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Class 6 (Chapter 11) i 4 1 points 02:59:48 Print Liam and Katano formed a partnership to open a sushi restaurant by investing $100,000 and $110,000, respectively. They agreed to share profit based on an allocation to Liam of an annual salary allowance of $155,000, interest allowance to both Liam and Katano equal to 10% of their beginning-of-year capital balance, and any balance based on a 1:3 ratio, respectively. At the end of their first year, December 31, 2023, the Income Summary had a credit balance of $35,000. Liam withdrew $12,000 during the year and Katano $29,000. Profit Salary allowances Interest allowances Required: 1. Determine each partner's share if the first-year profit was $35,000. Prepare the entry to close the Income Summary on December 31, 2023. (Leave no cell blank. Enter "0" when the answer is zero. Negative answers should be indicated by a minus sign.) Total salaries and interest allocation Balance of profit Remainder 1:3 ratio: Balance of profit Shares of each partner Share to Liam Share to Katano $ 155,000 $ 10,000 $ 165,000 $ $ 165,000 $ 0 11,000 11,000 $ Saved Total 11,000 $ 35,000 (176,000) $ (141,000) K 0 35,000 K Help Save & Exit Persona Subr Check my wor 
527000 Required: 4 Journal entry worksheet
Class 6 (Chapter 11) i 4 1 points 02:59:48 Print Liam and Katano formed a partnership to open a sushi restaurant by investing $100,000 and $110,000, respectively. They agreed to share profit based on an allocation to Liam of an annual salary allowance of $155,000, interest allowance to both Liam and Katano equal to 10% of their beginning-of-year capital balance, and any balance based on a 1:3 ratio, respectively. At the end of their first year, December 31, 2023, the Income Summary had a credit balance of $35,000. Liam withdrew $12,000 during the year and Katano $29,000. Profit Salary allowances Interest allowances Required: 1. Determine each partner's share if the first-year profit was $35,000. Prepare the entry to close the Income Summary on December 31, 2023. (Leave no cell blank. Enter "0" when the answer is zero. Negative answers should be indicated by a minus sign.) Total salaries and interest allocation Balance of profit Remainder 1:3 ratio: Balance of profit Shares of each partner Share to Liam Share to Katano $ 155,000 $ 10,000 $ 165,000 $ $ 165,000 $ 0 11,000 11,000 $ Saved Total 11,000 $ 35,000 (176,000) $ (141,000) K 0 35,000 K Help Save & Exit Persona Subr Check my wor
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