90.2K

Verified Solution

Link Copied!

I need help figuring out the division of income among the three partners. Then please show JOURNAL ENTRIES to close net income and withdrawals to the individual partner equity accounts. Then finally, prepare an ending statement of partners equity. Please type this out if possible, keeping in mind to follow the format in the photos. Do not answer question if you cannot fulfill these requests. Thank you.

PERFORMANCE QUESTION 2 INFORMATION-DISTRIBUTION OF INCOME ANSWER QUESTIONS 33-34 BASED ON THE INFORMATION BELOW Maven Media has three partners: WELK Partners, Addison Sanders, and Daily Times Newspaper. On January 1, 20xx, the three partners had equity of $200,000, $40,000, and $160,000, respectively. WELK Partners contributed an additional $50,000 to Maven Media on June 1, 20xx. Addison Sanders received an annual salary allowance of $55,000 during 20xx. The partner's equity accounts are also credited with 10% interest on each partner's January 1 capital balance. Any remaining income is to be shared in the ratio of 4:3:3 among the three partners. The revenues, expenses, and net income for Maven Media for 20xx were $1,260,000, $900,000, and $360,000, respectively. In addition, amounts equal to the salary and interest allowances were withdrawn by the partners during the year. 2 Question 33A. Determine the division of income among the three partners. Daily Times Newspaper WELK Partners Addison Sanders Total Salary Allowance Interest Allowance Remaining Income Net Income

Answer & Explanation Solved by verified expert

See Answer