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Question (a): Dividing Partnership Net Income. Required: Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows:...

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Accounting

Question (a):

Dividing Partnership Net Income.

Required:

Steve Conyers and Chelsy Poodle formed a partnership, dividingincome as follows: Annual salary allowance to Poodle of $170,500.Interest of 6% on each partner's capital balance on January 1. Anyremaining net income divided to Conyers and Poodle, 1:2. Conyersand Poodle had $77,600 and $75,000, respectively, in their January1 capital balances. Net income for the year was $310,000. How muchis distributed to Conyers and Poodle?

Question (b):

Liquidating Partnerships

Prior to liquidating their partnership, Perkins and Brooks hadcapital accounts of $46,000 and $74,000, respectively. Prior toliquidation, the partnership had no cash assets other than what wasrealized from the sale of assets. These partnership assets weresold for $144,000. The partnership had $5,000 of liabilities.Perkins and Brooks share income and losses equally. Determine theamount received by Brooks as a final distribution from liquidationof the partnership.

Answer & Explanation Solved by verified expert
4.1 Ratings (567 Votes)
Answer Calculation of distribution of net income to Conyers and Poodle Net Income Conyers Poodle 31000000 Salary allowance 17050000 17050000 Interest on capital 6 of 46000 276000    See Answer
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