Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Sep 2017 My Price 9.00

LMN Company

At the end of its first year of operations on December 31, 2012, LMN Company’s accounts show the following.

Partner

Drawings

Capital

Lois Lang

$23,000

$48,000

Mary Miley

14,000

30,000

Sue Norton

10,000

25,000

The capital balance represents each partner’s initial capital investment. Therefore, net income or net loss for 2012 has not been closed to the partners’ capital accounts.

Instructions

(a) Journalize the entry to record the division of net income for the year 2012 under each of the following independent assumptions.

(1) Net income is $28,000. Income is shared 6:3:1.

(2) Net income is $34,000. Lang and Miley are given salary allowances of $18,000 and $10,000, respectively. The remainder is shared equally.

(3) Net income is $22,000. Each partner is allowed interest of 10% on beginning capital balances. Lang is given a $15,000 salary allowance. The remainder is shared equally.

(b) Prepare a schedule showing the division of net income under assumption (3) above.

(c) Prepare a partners’ capital statement for the year under assumption (3) above.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 10:09 PM My Price 9.00

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