Maurice Tutor

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About Maurice Tutor

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Expertise:
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Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 4 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 13 Jul 2017 My Price 5.00

Kathy and Eddie

Kathy and Eddie formed the K & E partnership several years ago. Capital account balances on January 1, 2011, were as follows:
Kathy ……….. $496,750
Eddie ……….. $268,250
The partnership agreement provides Kathy with an annual salary of $10,000 plus a bonus of 5 percent of partnership net income for managing the business. Eddie is provided an annual salary of $15,000 with no bonus. The remainder is shared evenly. Partnership net income for 2011 was $30,000. Eddie and Kathy each invested an additional $5,000 during the year to finance a special purchase. Year-end drawing account balances were $15,000 for Kathy and $10,000 for Eddie.
REQUIRED
1. Prepare an income allocation schedule.
2. Create the journal entries to update the equity accounts at the end of the year.
3. Determine the capital balances as of December 31, 2011.

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Jul 2017 07:07 AM My Price 5.00

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