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At the end of its first year of operations on December 31, 2022, Crane Company's accounts show the following. Partner Drawings Capital Art Niensted $23,920 $49,920 Greg Bolen 11,536 31,200 Krista Sayler 10,400 26,000 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2022 has not been closed to the partners' capital accounts. (a) Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2. Net income is $41,600. Niensted and Bolen are given salary allowances of $15,600 and $10,400, respectively. The remainder is shared equally. 1. Net income is $31,200. Income is shared 6:3:1. 3. Net income is $19,760. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,600 salary allowance. The remainder is shared equally. No. Account Titles and Explanation 1. 2. > > > > > > Debit Credit No. Account Titles and Explanation 1. 2. 3. > Debit Credit > > > > > > > > > > >

At the end of its first year of operations on December 31, 2022, Crane Company's accounts show the following. Partner Drawings Capital Art Niensted $23,920 $49,920 Greg Bolen 11,536 31,200 Krista Sayler 10,400 26,000 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2022 has not been closed to the partners' capital accounts. (a) Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2. Net income is $41,600. Niensted and Bolen are given salary allowances of $15,600 and $10,400, respectively. The remainder is shared equally. 1. Net income is $31,200. Income is shared 6:3:1. 3. Net income is $19,760. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,600 salary allowance. The remainder is shared equally. No. Account Titles and Explanation 1. 2. > > > > > > Debit Credit No. Account Titles and Explanation 1. 2. 3. > Debit Credit > > > > > > > > > > >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of its first year of operations on December 31, 2022, Crane Company's accounts show the following. Partner Drawings Capital Art Niensted $23,920 $49,920 Greg Bolen 11,536 31,200 Krista Sayler 10,400 26,000 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2022 has not been closed to the partners' capital accounts. (a) Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2. Net income is $41,600. Niensted and Bolen are given salary allowances of $15,600 and $10,400, respectively. The remainder is shared equally. 1. Net income is $31,200. Income is shared 6:3:1. 3. Net income is $19,760. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,600 salary allowance. The remainder is shared equally. No. Account Titles and Explanation 1. 2. > > > > > > Debit Credit
Transcribed Image Text:At the end of its first year of operations on December 31, 2022, Crane Company's accounts show the following. Partner Drawings Capital Art Niensted $23,920 $49,920 Greg Bolen 11,536 31,200 Krista Sayler 10,400 26,000 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2022 has not been closed to the partners' capital accounts. (a) Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2. Net income is $41,600. Niensted and Bolen are given salary allowances of $15,600 and $10,400, respectively. The remainder is shared equally. 1. Net income is $31,200. Income is shared 6:3:1. 3. Net income is $19,760. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,600 salary allowance. The remainder is shared equally. No. Account Titles and Explanation 1. 2. > > > > > > Debit Credit
No. Account Titles and Explanation 1. 2. 3. > Debit Credit > > > > > > > > > > >
Transcribed Image Text:No. Account Titles and Explanation 1. 2. 3. > Debit Credit > > > > > > > > > > >
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