Bulan, Bustos, and Bucao formed a partnership on January 1, 2009 and contributed P150,000, P200,000, and P250,000, respectively. The Articles of Co-Partnership provide that the operating income be shared among the partners as follows: As salary: Bulan – P24,000; Bustos – P18,000; Bucao – P12,000; interest of 12% on the average capital during 2009 of the three partners; the remainder will be divided in the ratio of 2:4:4, respectively. Additional information: a.     Operating income for the year ended December 31, 2009 is P180,000. b.     Bulan contributed additional capital of P30,000 on July 1, and made drawing of P10,000 on October 1. c.     Bustos contributed capital of P20,000 on August 1 and made withdrawal of P10,000 on October 1. d.     Bucao made withdrawal of P30,000 on November 1. The division of the P180,000 operating income for Bucao will be: _____________

Coburn (beginning capital, $56,000) and Webb (beginning capital $92,000) are partners. During 2022, the partnership earned net income of $69,000, and Coburn made drawings of $17,000 while Webb made drawings of $26,000. Assume the partnership income-sharing agreement calls for income to be divided with a salary of $37,000 to Coburn and $32,000 to Webb, interest of 12% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to res the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Income Summary 69000 Coburn, Capital 34840 34160 Webb, Capital Compute the partners' ending capital balances under the assumption in part (c) above. Ending capital Coburn Webb 34840

es Watts and Lyon are forming a partnership. Watts invests $27,000 and Lyon invests $63,000. The partners agree that Watts will work one-fourth of the total time devoted to the partnership and Lyon will work three-fourths. They have discussed the following alternative plans for sharing income and loss: (a) in the ratio of their initial capital investments; (b) in proportion to the time devoted to the business; (c) a salary allowance of $18,000 per year to Lyon and the remaining balance in accordance with the ratio of their initial capital investments; or (d) a salary allowance of $18,000 per year to Lyon, 8% interest on their initial capital investments, and the remaining balance shared equally. The partners expect the business to perform as follows: Year 1, $18,000 net loss; Year 2, $45,000 net income; and Year 3, $75,000 net income. Required: Complete the tables, one for each of the first three years, by showing how to allocate partnership income or loss to the partners under each of…

Jenkins, Willis, and Trent invested $252,000, $441,000, and $567,000, respectively, in a partnership. During its first year, the firm recorded profit of $639,000. d- The partners agreed to share profit by providing annual salary allowances of $123,000 to Jenkins, $133,000 to Willis, and $68,000 to Trent; allowing 10% interest on the partners’ beginning investments; and sharing the remainder equally. Record to close income summary account.