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Link to CengageNow for FinanX My Home CengageNOWv2 | Online teach X MindTap - Cengage Learning X 25 https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocat 120% Ch. 12, Practice Quiz eBook Calculator Print Item Partner bonuses, statement of partnership equity The partnership of Angel Investor Associates began operations on January 1, 20Y5, with contributions from two partners as follows: Dennis Overton $180,000 Ben Testerman 120,000 The following additional partner transactions took place during the year: 1. In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest. 2. Net income of $150,000 was earned in 20Y5. In addition, Dennis Overton received a salary allowance of $40,000 for the year. The three partners agree to an income-sha equal to their capital balances after admitting CampbellI. 3. The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income. Prepare a statement of partnership equity for the year ended December 31, 20Y5. Angel Investor Associates Statement of Partnership Equity For the Year Ended December 31, 20Y5 Dennis Overton, Capital Ben Testerman, Capital Randy Campbell, Capital Total Partnership Capital Balances, January 1, 20Y5 $ 180,000 $120,000 24 $300,000 Admission of Randy Campbell 75,000 V 75,000 Salary allowance 40,000 55,000 X. 22,000 Remaining income Partner withdrawals Drovious O Type here to search 57

Link to CengageNow for FinanX My Home CengageNOWv2 | Online teach X MindTap - Cengage Learning X 25 https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocat 120% Ch. 12, Practice Quiz eBook Calculator Print Item Partner bonuses, statement of partnership equity The partnership of Angel Investor Associates began operations on January 1, 20Y5, with contributions from two partners as follows: Dennis Overton $180,000 Ben Testerman 120,000 The following additional partner transactions took place during the year: 1. In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest. 2. Net income of $150,000 was earned in 20Y5. In addition, Dennis Overton received a salary allowance of $40,000 for the year. The three partners agree to an income-sha equal to their capital balances after admitting CampbellI. 3. The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income. Prepare a statement of partnership equity for the year ended December 31, 20Y5. Angel Investor Associates Statement of Partnership Equity For the Year Ended December 31, 20Y5 Dennis Overton, Capital Ben Testerman, Capital Randy Campbell, Capital Total Partnership Capital Balances, January 1, 20Y5 $ 180,000 $120,000 24 $300,000 Admission of Randy Campbell 75,000 V 75,000 Salary allowance 40,000 55,000 X. 22,000 Remaining income Partner withdrawals Drovious O Type here to search 57

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
Problem 1MYW
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Link to CengageNow for FinanX My Home CengageNOWv2 | Online teach X MindTap - Cengage Learning X 25 https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocat 120% Ch. 12, Practice Quiz eBook Calculator Print Item Partner bonuses, statement of partnership equity The partnership of Angel Investor Associates began operations on January 1, 20Y5, with contributions from two partners as follows: Dennis Overton $180,000 Ben Testerman 120,000 The following additional partner transactions took place during the year: 1. In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest. 2. Net income of $150,000 was earned in 20Y5. In addition, Dennis Overton received a salary allowance of $40,000 for the year. The three partners agree to an income-sha equal to their capital balances after admitting CampbellI. 3. The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income. Prepare a statement of partnership equity for the year ended December 31, 20Y5. Angel Investor Associates Statement of Partnership Equity For the Year Ended December 31, 20Y5 Dennis Overton, Capital Ben Testerman, Capital Randy Campbell, Capital Total Partnership Capital Balances, January 1, 20Y5 $ 180,000 $120,000 24 $300,000 Admission of Randy Campbell 75,000 V 75,000 Salary allowance 40,000 55,000 X. 22,000 Remaining income Partner withdrawals Drovious O Type here to search 57
Transcribed Image Text:Link to CengageNow for FinanX My Home CengageNOWv2 | Online teach X MindTap - Cengage Learning X 25 https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocat 120% Ch. 12, Practice Quiz eBook Calculator Print Item Partner bonuses, statement of partnership equity The partnership of Angel Investor Associates began operations on January 1, 20Y5, with contributions from two partners as follows: Dennis Overton $180,000 Ben Testerman 120,000 The following additional partner transactions took place during the year: 1. In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest. 2. Net income of $150,000 was earned in 20Y5. In addition, Dennis Overton received a salary allowance of $40,000 for the year. The three partners agree to an income-sha equal to their capital balances after admitting CampbellI. 3. The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income. Prepare a statement of partnership equity for the year ended December 31, 20Y5. Angel Investor Associates Statement of Partnership Equity For the Year Ended December 31, 20Y5 Dennis Overton, Capital Ben Testerman, Capital Randy Campbell, Capital Total Partnership Capital Balances, January 1, 20Y5 $ 180,000 $120,000 24 $300,000 Admission of Randy Campbell 75,000 V 75,000 Salary allowance 40,000 55,000 X. 22,000 Remaining income Partner withdrawals Drovious O Type here to search 57
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