Jane Smith and Graham Bronson have a partnership agreement with the following provisions for sharing...
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Accounting
Jane Smith and Graham Bronson have a partnership agreement with the following provisions for sharing profit or loss: A salary allowance of $ to Smith and $ to Bronson An interest allowance of on capital balances at the beginning of the year The remainder to be divided between Smith and Bronson on a : basis The capital balances on January for Smith and Bronson were $ and $ respectively. For the year ended December the SmithBronson Partnership had sales of $; cost of goods sold of $; operating expenses of $; J Smith drawings of $; G Bronson drawings of $ Required: a Prepare an income statement for the SmithBronson Partnership for the year. b Prepare a schedule to show how the loss will be allocated to the two partners. c Prepare a statement of partners equity for the year.
Jane Smith and Graham Bronson have a partnership agreement with the following provisions for sharing profit or loss:
A salary allowance of $ to Smith and $ to Bronson
An interest allowance of on capital balances at the beginning of the year
The remainder to be divided between Smith and Bronson on a : basis
The capital balances on January for Smith and Bronson were $ and $ respectively. For the year ended December the SmithBronson Partnership had sales of $; cost of goods sold of $; operating expenses of $; J Smith drawings of $; G Bronson drawings of $
Required:
a Prepare an income statement for the SmithBronson Partnership for the year.
b Prepare a schedule to show how the loss will be allocated to the two partners.
c Prepare a statement of partners equity for the year.
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