Mike and Rachel form M&R Partnership. Mike invests $41,000 cash and Rachel invests $61,000 cash. The partners agree to share Income as follows: Mike gets a salary allowance of $5,100 per year and Rachel gets a salary allowance of $9,100 per year, both get an annual interest allowance of 12% on their initial investment, and any remaining balance is shared equally. Net income for the year is $31,000. Also, Mike withdrew $1,100 cash from the partnership and Rachel withdrew $2,100. Prepare a statement of partners' equity for the year ended December 31. Note: Do not round intermediate calculations. Enter all allowances as positive values. Enter losses and withdrawals as negative values. MAR PARTNERSHIP Statement of Partners' Equity For Year Ended December 31 Initial partnership investments Net income Total net income Total $ Mike 0 0$ Rachel 0 0 $ Total 0 Seved 0 0 0 0

Mike and Rachel form M&R Partnership. Mike invests $41,000 cash and Rachel invests $61,000 cash. The partners agree to share Income as follows: Mike gets a salary allowance of $5,100 per year and Rachel gets a salary allowance of $9,100 per year, both get an annual interest allowance of 12% on their initial investment, and any remaining balance is shared equally. Net income for the year is $31,000. Also, Mike withdrew $1,100 cash from the partnership and Rachel withdrew $2,100. Prepare a statement of partners' equity for the year ended December 31. Note: Do not round intermediate calculations. Enter all allowances as positive values. Enter losses and withdrawals as negative values. MAR PARTNERSHIP Statement of Partners' Equity For Year Ended December 31 Initial partnership investments Net income Total net income Total $ Mike 0 0$ Rachel 0 0 $ Total 0 Seved 0 0 0 0

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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