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Connect And ? ià Seoure https://newoonrectmheducation.com:How/connect.html Class Prujecl Pa(Chler 12) Help Save & Exlt Submi Required information Tihe Foiog Nitrdli appestote qurestonns cisplayed below Ma Meek 1 u Ling, and Rart, Rerk formed the MI B Partnerstip hy making capital contributions cf S81900, $3?500, and 509600, respectively. They precict annual partnership net income of $53,000 and are considering the following altcrnatve plans of shaing Income and loss: (a) cqually: (bl In the ratio of their Initial capital Inwcatments; or c salary Part 2 of3 investments; ancite balance shared as rolows: 20% to MO. 40% to Lu, and 40% to Barb. 2. Prepare a siaiement or partners' equity showing the allocation of incorhe 10 the Partners assuming they agree to use plan ?CL that income eamed ls $534000. and that Mo. Lu, and Barb whthdraw $48.600, $57600·and $7800, espectively, at year-end. (Do not round intermediate calculations. Enter all allowances as positive values. Enter losses as negative values. Statement of Partners Lquity For Year Ended December 31 Mu Burb Tutal 81.900 316,500 910,000 S01,900310,500509,000S 910000

Explanation / Answer

MLB Partnership Statement of partner's equity For the year ended December 31 Mo Lu Barb Total Initial Partnership Investments 81900 318500 509600 910000 Net Income Salary to Partners 86400 64800 98000 249200 Interest on initial capital 8190 31850 50960 91000 Balance in the ratio(20:40:40) 38760 77520 77520 193800 Total Net Income 133350 174170 226480 534000 Total 215250 492670 736080 1444000 Drawings 43600 57600 73600 174800 Partner's equity 171650 435070 662480 1269200

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