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Instructions lin E12.5 Coburn (beginning capital. $60,000) and Webb (beginning capital $90,000) are Prepare journal...

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Accounting

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Instructions lin E12.5 Coburn (beginning capital. $60,000) and Webb (beginning capital $90,000) are Prepare journal entries to partners. During 2017, the partnership eamed net income of $80,000, and Coburn made record allocation of net drawings of $18,000 while Webb made drawings of $24,000. income (LO 2) (a) Assume the partnership income-sharing agreement calls for income to be divided 45% to Coburn and 55% to Webb. Prepare the journal entry to record the allocation of net income. (b) Assume the partnership income-sharing agreement calls for income to be divided with a salary of $30,000 to Coburn and $25,000 to Webb, with the remainder divided 45% to Coburn and 55% to Webb. Prepare the journal entry to record the allocation of net income. 564 12 Accounting for Partnerships (c) Assume the partnership Income-sharing agreement calls for income to be divided with a salary of $40,000 to Coburn and $35.000 to Webb, interest of 10% on beginning cup, ital, and the remainder divided 50%-50%. Prepare the Journal entry to record the allocation of net income (d) Compute the partners' ending capital balance under the assumption in part (e)

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