subject
Business, 05.05.2020 05:00 jay7176

On January 1, 2017, the dental partnership of Angela, Diaz, and Krause was formed when the partners contributed $30,000, $59,000, and $61,000, respectively. Over the next three years, the business reported net income and (loss) as follows:2017 $ 71,000 2018 43,000 2019 (26,000)During this period, each partner withdrew cash of $12,000 per year. Krause invested an additional $6,000 in cash on February 9, 2018.At the time that the partnership was created, the three partners agreed to allocate all profits and losses according to a specified plan written as follows:Each partner is entitled to interest computed at the rate of 10 percent per year based on the individual capital balances at the beginning of that year. Because of prior work experience, Angela is entitled to an annual salary allowance of $12,500 per year and Diaz is entitled to an annual salary allowance of $9,100 per year. Any remaining profit will be split as follows: Angela, 20 percent; Diaz, 30 percent; and Krause, 50 percent. If a net loss remains after the initial allocations to the partners, the balance will be allocated: Angela, 30 percent; Diaz, 40 percent; and Krause, 30 percent. Required:1. Determine the ending capital balance for each partner as of the end of each of these three years. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.)

ansver
Answers: 1

Another question on Business

question
Business, 22.06.2019 03:30
When the federal reserve buys and sells bonds to member banks, it is called a. monetary policy b. reserve ratio c. interest rate adjustment d. open market operations
Answers: 2
question
Business, 22.06.2019 11:30
4.     chef a says that broth should be brought to a boil. chef b says that broth should be kept at an even, gentle simmer. which chef is correct? a. neither chef is correct. b. chef a is correct. c. both chefs are correct. d. chef b is correct. student c   incorrect which is right answer
Answers: 2
question
Business, 22.06.2019 15:10
Paying attention to the purpose of her speech, which questions can she eliminate? a. 1 and 2 b. 3 c. 2 and 4 d. 1-4
Answers: 2
question
Business, 22.06.2019 17:10
At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)
Answers: 3
You know the right answer?
On January 1, 2017, the dental partnership of Angela, Diaz, and Krause was formed when the partners...
Questions
question
Chemistry, 29.03.2021 04:20
question
Mathematics, 29.03.2021 04:20
question
English, 29.03.2021 04:20