accounting

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.

  1. 👍 0
  2. 👎 0
  3. 👁 132

Respond to this Question

First Name

Your Response

Similar Questions

  1. English

    I am sure I would have regretted it if I ________ to take the job. a.would agree b.would have agreed* c. did agree d.had agreed*

    asked by ❄ Snowflake ❄ on January 14, 2020
  2. Business Math

    You decided to join the partnership of august and april. August has a capital of 50,000 while april puts up a capital of 75,000. The three of you decided that your profit and loss ratio would be 1:2:3 for august,april and

    asked by TRIS on December 1, 2016
  3. Busines Math

    Pls heLp me..you decided to join the partnership of August and April . August has a capital of 50 pesos , while April puts up a capital of 75 pesos . the three of you decided that your profit and loss ratio would be 1:2:3 for

    asked by Kenneth on January 7, 2018
  4. maths

    Sule,Tayo and Uche agreed to share the expenses for an evening out in the ratio 2:3:4 respectively.Sule paid #2030 for the taxi,Tayo paid #4900 for the food and Uche paid #3150 for the cinema.How much should Sule and Uche pay Tayo

    asked by Riliwan on December 14, 2016
  5. Advanced Accounting

    Mr. Right and Mr. Wrong own an antique store in a partnership. They share profits and losses equally and receive an annual salary of $50,000, as per the partnership agreement. Mr. Right travels the country buying antiques. Mr.

    asked by Angie on December 3, 2012
  1. business statistics

    In response to media inquiries and concerns expressed by groups opposed to violence, the president of a university with over 25,000 students has agreed to survey a simply random sample of her students to find out whether the

    asked by Josephine on July 30, 2009
  2. History

    Which of the following took place at the Tehran Conference? A: Roosevelt deferred to Churchill in all discussions with Stalin. B: Roosevelt and Churchill agreed to attack Germany on the Western Front**** C: The leaders agreed that

    asked by Marylyn on January 30, 2017
  3. Accounting

    The capital accounts of Hawk and Martin have balances of $160,000 and $140,000, respectively, on January 1, 2010, the beginning of the current fiscal year. On April 10, Hawk invested an additional $10,000. During the year, Hawk

    asked by Big Dada on March 31, 2014
  4. Maths

    What is 8.2% as a fraction in it's lowest term Please someone kindly help!

    asked by Milly on November 14, 2010
  5. to record admission of new partner into partnershi

    I was just wondering if anyone could help me with the following problem. I am not sure even where to start. Reed, Sharp, and Tucker were partners with capital account balances of $80,000, $100,000, and $70,000, respectively. They

    asked by undecided on April 29, 2007
  6. College MATH

    According to the New York Times/CBS poll of March, 2005, 87% agreed that it should be the government's responsibility to provide a decent standard of living for the elderly, and 54% agreed that it would be a good idea to invest

    asked by Sabrina on April 13, 2009

You can view more similar questions or ask a new question.