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000 Formatting Table Styles Number Styles Cells M N O P U Problems: Set A, pdf pages 586 to 588 Problem 12-2A P12-2A. At the end of its first year of operations on December 31, 2012, LAD Company's accounts show the following. Capital $ 48,000 $30,000 $25,000 Drawings Partner Rory Lachelle Andy Andoh Francine Dalek $14,000 $10,000 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2012 has not been closed to the partners' capital accounts. Instructions (a) Journalize the entry to record the division of net income for the year 2012 under each of the following independent assumptions (1) Net income is $30,000. Income is shared 6:3 (2) Net income is $37,000. Lachelle and Andoh are given salary allowances of $15,000 and $10,000, respectively. The remainder is shared equally. (3) Net income is $19,000. Each partner is allowed interest of 10 % on beginning capital balances. Lachelle is given a $12,000 salary allowance. The remainder is shared equally (b) Prepare a schedule showing the division of net income under assumption (3) above. (c) Prepare a partners' capital statement for the year under assumption (3) above. (a) Journalize the entry to record the division of net income for the year 2012 under each of the following independent assumptions. (1) Net income is $30,000. Income is shared 6:3:1 13312 Income Summary 350 R. LaChelle, Owner's Capital 301 A Andoh, Owner's Capital F. Dalek, Owner's Capital (to transfer net income to partners' capital account) 301 301 (a) Journalize the entry to record the division of net income for the year 2012 under each of the following independent assumptions. (2) Net income is $37,000. Lachelle and Andoh are given salary allowances of $15,000 and $10,000, respectively. The remainder is shared equally LAD Company 1 Conditional Format as 8 Cell $ % Insert Delete Format enter Formattingv Table Styles Number Styles Cells M N P T U V la) Journalize the entry to record the division of net income for the year 2012 under each of the following independent assumptions. (2) Net income is $37,000. Lachelle and Andoh are given salary allowances of $15,000 and $10,000, respectively. The remainder is shared equally LAD Company Division of Net Income 5tatement ar vear ending December 3t 202 Net Income Division on Net Income Rory Andy Francine Total LaChelle Andoh Dalek salary allowance interest allowance on partners' capital Rory LaChelle, 0.0 % of $ m Andy Andoh, 0.0 % of San Francine Dalek, 0.0 % of $REAnn total interest allowance total salary & interest remaining income Rory LaChelle, 33.3% of $12,000 Andy Andoh, 33 3% of $12,000 Francine Dalek, 33.3 % of $12.000 total remainder total division of net income Income Summary 350 Sara King, Owner's Capital 301 Ray Lee, Owner's Capital 301 Ray Lee, Owner's Capital 301 (to transfer net income to partners' capital account) (a) Journalize the entry to record the division of net income for the year 2012 under each of the following independent assumptions (b) Prepare a schedule showing the division of net income under assumption (3) above. (3) Net income is $19.000. Each partner is allowed interest of 10 % on beginning General Conditional Format as Cell Insert Delete Forma $% 848 enter Formatting Table Styles Number Styles Cells P L T U V (3) Net income is $19,000. Each partner is allowed interest of 10 % on beginning capital balances. Lachelle is given a $12,000 salary allowance. The remainder is shared equally. LAD Company Division of Net Income Statement for sear ending Dewnter 3t 2012 Net Income Division on Net Income Andy Rory Francine Total LaChelle Andoh Dalek salary allowance interest allowance on partners' capital Rory LaChelle, 10.0 % of $u Andy Andoh, 10.0 % of $u, Francine Dalek, 10.0 % of San an 200% 220% total interest allowance total salary & interest remaining income 33 3 33 3% 33 3 Rory LaChelle, 33.3 % of - $3,000 Andy Andoh, 33.3 % of -$3,000 Francine Dalek, 33.3 % of - $ 3,000 total remainder total division of net income Income Summary 350 Sara King, Owner's Capital Ray Lee, Owner's Capital Ray Lee, Owner's Capital (to transfer net income to partners' capital account) 301 301 301 uisE REEURmatien (R)aboue remainder total divhion of net income ncome Summary 350 Sera King, Owner's Capital Ray Lee, Owner's Capital Ray Lee, Owner's Capital to transfer net income to partners onpital amunt 301 301 301 (e) Prepare a partners capital statement for the year under assumption (31 above LAD Company Owner's tquity Statement Rory Lachelle Andy Francine Dalek Total Andoh Owner's Capital, Add Investments Net income (or Net Loss) Less Drawings r Owner's Capital, Cn Joumalae divons of net imoome and prepae a partnen optal stotement ignPartAcct e here to search 000 Formatting Table Styles Number Styles Cells M N O P U Problems: Set A, pdf pages 586 to 588 Problem 12-2A P12-2A. At the end of its first year of operations on December 31, 2012, LAD Company's accounts show the following. Capital $ 48,000 $30,000 $25,000 Drawings Partner Rory Lachelle Andy Andoh Francine Dalek $14,000 $10,000 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2012 has not been closed to the partners' capital accounts. Instructions (a) Journalize the entry to record the division of net income for the year 2012 under each of the following independent assumptions (1) Net income is $30,000. Income is shared 6:3 (2) Net income is $37,000. Lachelle and Andoh are given salary allowances of $15,000 and $10,000, respectively. The remainder is shared equally. (3) Net income is $19,000. Each partner is allowed interest of 10 % on beginning capital balances. Lachelle is given a $12,000 salary allowance. The remainder is shared equally (b) Prepare a schedule showing the division of net income under assumption (3) above. (c) Prepare a partners' capital statement for the year under assumption (3) above. (a) Journalize the entry to record the division of net income for the year 2012 under each of the following independent assumptions. (1) Net income is $30,000. Income is shared 6:3:1 13312 Income Summary 350 R. LaChelle, Owner's Capital 301 A Andoh, Owner's Capital F. Dalek, Owner's Capital (to transfer net income to partners' capital account) 301 301 (a) Journalize the entry to record the division of net income for the year 2012 under each of the following independent assumptions. (2) Net income is $37,000. Lachelle and Andoh are given salary allowances of $15,000 and $10,000, respectively. The remainder is shared equally LAD Company 1 Conditional Format as 8 Cell $ % Insert Delete Format enter Formattingv Table Styles Number Styles Cells M N P T U V la) Journalize the entry to record the division of net income for the year 2012 under each of the following independent assumptions. (2) Net income is $37,000. Lachelle and Andoh are given salary allowances of $15,000 and $10,000, respectively. The remainder is shared equally LAD Company Division of Net Income 5tatement ar vear ending December 3t 202 Net Income Division on Net Income Rory Andy Francine Total LaChelle Andoh Dalek salary allowance interest allowance on partners' capital Rory LaChelle, 0.0 % of $ m Andy Andoh, 0.0 % of San Francine Dalek, 0.0 % of $REAnn total interest allowance total salary & interest remaining income Rory LaChelle, 33.3% of $12,000 Andy Andoh, 33 3% of $12,000 Francine Dalek, 33.3 % of $12.000 total remainder total division of net income Income Summary 350 Sara King, Owner's Capital 301 Ray Lee, Owner's Capital 301 Ray Lee, Owner's Capital 301 (to transfer net income to partners' capital account) (a) Journalize the entry to record the division of net income for the year 2012 under each of the following independent assumptions (b) Prepare a schedule showing the division of net income under assumption (3) above. (3) Net income is $19.000. Each partner is allowed interest of 10 % on beginning General Conditional Format as Cell Insert Delete Forma $% 848 enter Formatting Table Styles Number Styles Cells P L T U V (3) Net income is $19,000. Each partner is allowed interest of 10 % on beginning capital balances. Lachelle is given a $12,000 salary allowance. The remainder is shared equally. LAD Company Division of Net Income Statement for sear ending Dewnter 3t 2012 Net Income Division on Net Income Andy Rory Francine Total LaChelle Andoh Dalek salary allowance interest allowance on partners' capital Rory LaChelle, 10.0 % of $u Andy Andoh, 10.0 % of $u, Francine Dalek, 10.0 % of San an 200% 220% total interest allowance total salary & interest remaining income 33 3 33 3% 33 3 Rory LaChelle, 33.3 % of - $3,000 Andy Andoh, 33.3 % of -$3,000 Francine Dalek, 33.3 % of - $ 3,000 total remainder total division of net income Income Summary 350 Sara King, Owner's Capital Ray Lee, Owner's Capital Ray Lee, Owner's Capital (to transfer net income to partners' capital account) 301 301 301 uisE REEURmatien (R)aboue remainder total divhion of net income ncome Summary 350 Sera King, Owner's Capital Ray Lee, Owner's Capital Ray Lee, Owner's Capital to transfer net income to partners onpital amunt 301 301 301 (e) Prepare a partners capital statement for the year under assumption (31 above LAD Company Owner's tquity Statement Rory Lachelle Andy Francine Dalek Total Andoh Owner's Capital, Add Investments Net income (or Net Loss) Less Drawings r Owner's Capital, Cn Joumalae divons of net imoome and prepae a partnen optal stotement ignPartAcct e here to search

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