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 $61,650 Ben Testerman 41,100The following additional partner transactions took place during the year: 1.  In early January, Randy Campbell is admitted to the partnership by contributing $34,250 cash for a 25% interest. 2.  Net income of $180,000 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-sharing ratio equal to their capital balances after admitting Campbell. 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. If an amount box does not require an entry, leave it blank

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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 $82,080 Ben Testerman 24,320 The following additional partner transactions took place during the year: 1. In early January, Randy Campbell is admitted to the partnership by contributing $45,600 cash for a 30% interest. 2. Net income of $190,000 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-sharing ratio equal to their capital balances after admitting Campbell. 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. If an amount box does not require an entry, leave it blank. Angel Investor Associates Statement of Partnership Equity For the Year Ended December…

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: In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest. Net income of $150,000 was earned in 2015. In addition, Dennis Overton received a salary allowance of $40,000 for the year The three partners agree to an income-sharing ratio equal to their capital balances after admitting Campbell. 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.

Dividing Partnership Net IncomeSteve Queen and Chelsy Bernard formed a partnership, dividing income as follows:Annual salary allowance to Queen of $112, 560. Interest of 6% on each partner's capital balance on January 1. Any remaining net income divided to Queen and Bernard, 1:2. Queen and Bernard had $51,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $201,000. How much net income should be distributed to Queen and Bernard?

Dividing Partnership Net Income Steve King and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Boxer of $88,740. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to King and Boxer, 1:2. King and Boxer had $81,000 and $99,000, respectively, in their January 1 capital balances. Net income for the year was $153,000. Required: How much net income should be distributed to King and Boxer? King: $ Boxer:

Preparing Partial Financial Statements and Closing Entries The partnership of Robo and Swing, CPAS, reported revenues of $215,000 and expenses of $80,000 on their year-end work sheet. Their capital balances as of January 1, 20--, were $55,000 for I. Robo and $45,000 for B. Swing. No additional investments were made during the year. As stated in their partnership agreement, after withdrawing salary allowances of $65,000 for Robo and $35,000 for Swing, the partners each withdrew their full 10% interest allowances on their January 1 capital balances. No additional withdrawals were made. Any remaining net income is to be divided on a 45-55 basis. Required: 1. Prepare the lower portion of the income statement of the partnership for the year ended December 31, 20--, showing the division of the partnership net income for the year.