Wednesday
April 1, 2015

Homework Help: accounting

Posted by jessie on Wednesday, June 8, 2011 at 2:17pm.

kindly please help me.

B1, G1, and P1 formed a partnership. They agreed that B1 will receive a bonus of 10% of partnership net income. B1 and G1 will receive salary allowances of $10,000 and $8,000, respectively, and the remaining income is allocated equally.
Net income amounts to $60,000 for 2010 and $12,000 for 2011.

Instructions:

a.Prepare a schedule showing distribution for 2010 and 2011 income
b. Prepare a journal entry for allocation of entry for 2010 and 2011.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Accounting 102 - Turner and Isham agreed to form a partnership. Turner ...
Accounting - Dividing Partnership Income Desmond Drury and Ty Wilkins have ...
Accounting - Dividing Partnership Income Desmond Drury and Ty Wilkins have ...
Finance - Dean and Jerry formed a partnership, agreeing to share profits and ...
to record admission of new partner into partnershi - I was just wondering if ...
Accounting - Needs the entries for the following scenarios: Capital accounts as ...
Accounting - The capital accounts of Hawk and Martin have balances of $160,000 ...
Federal Taxation - In 2005 Russell acquired and interest iin a partnership in ...
Accounting - Anybody out there who can help enlighten me with the following ...
Advanced Accounting - Mr. Right and Mr. Wrong own an antique store in a ...

Members