Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 11.00

Staci Cook, Lin Xi, and Kevin Schwartz

Staci Cook, Lin Xi, and Kevin Schwartz formed the CXS Partnership by making capital contributions of $72,000, $108,000, and $60,000, respectively. They predict annual partnership net income of $120,000 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (c) salary allowances of $20,000 to Cook, $15,000 to Xi, and $40,000 to Schwartz; interest allowances of 12% on their initial capital investments; and the balance shared equally.

Required

1. Prepare a table with the following column headings.

Income (Loss)

        

Sharing Plan

Calculations

Cook

Xi

Schwartz

Total
           
           
           

Use the table to show how to distribute net income of $120,000 for the calendar year under each of the alternative plans being considered. (Round answers to the nearest whole dollar.)

2. Prepare a statement of partners’ equity showing the allocation of income to the partners assuming they agree to use plan (c), that income earned is $43,800, and that Cook, Xi, and Schwartz withdraw $9,000, $19,000, and $12,000, respectively, at year-end.

3. Prepare the December 31 journal entry to close Income Summary assuming they agree to use plan (c) and that net income is $43,800. Also close the withdrawals accounts.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 10:07 PM My Price 11.00

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