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It is January 1st 2023 and the partnership of Pelosi, Schiff, Trump and Biden (PSTB)...

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Accounting

It is January 1st 2023 and the partnership of Pelosi, Schiff, Trump and Biden (PSTB) has the following capital accounts
15% Pelosi $100,000
20% Schiff $200,000
40% Trump $500,000
25% Biden $500,000
Partners receive interest on their beginning of the year capital account of 10%.
Trump receives an annual salary of $80,000; Pelosi receives an annual salary of $30,000
Every year Trump withdraws $40,000 for hair dye and Biden withdraws $25,000 for hair implants
In 2023 the partnership reported income of $300,000 before partner salaries or partner interest
In 2024 the partnership reported income of $340,000 before partner salaries or partner interest
In 2025 the partnership reported income of $250,000 before partner salaries or partner interest
REQUIRED: FOR 2023, 2024 AND 2025 DETERMINE;
a) the distribution of income to each partner
b) each partner's ending capital account (December 31st)

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