## Answers

PlanA | |||||||

MO | LU | BARB | Total | ||||

Net Income(loss) | $ 523,500 | ||||||

Balance allocated equally(523500/3) | 174,500 | 174500 | 174500 | 523,500 | |||

Balance of Income(loss) | (523500-523500=0) | ||||||

Shares to the Partners | $ 174,500 | $174500 | $174500 | $523500 |

Proportional investment |

MO= 80100/890000=.09

LU= 311500/890000=.35

BARB=498400/890000=.56

PlanB | MO | LU | BARB | Total | |||

Net Income(loss) | $ 523,500 | ||||||

Balance allocated in prop to initial inv | $ 47,115 | $ 183,225 | $ 293,160 | $ 523,500 | |||

Balance of Income(loss) | (523500-523500=0) | ||||||

Shares to the Partners | $ 47,115 | $ 183,225 | $ 293,160 | $ 523,500 |

Plan C | MO | LU | BARB | Total | |||

Net Income(loss) | $ 523,500 | ||||||

Salary allowances | 85,600 | 64,200 | 97,000 | $ 246,800 | |||

Balance of Income(loss) | (523500-246800)=$276,700 | ||||||

Interest allowances(@10% of capital inv) | 8010 | 31150 | 49840 | $ 89,000 | |||

Balance of Income(loss) | (276700-89000)=$187,700 | ||||||

Balance allocated(20%,40%,40% of 187700 )Respectively | 37,540 | 75080 | 75080 | $ 187,700 | |||

Balance of Income(loss) | 0 | ||||||

Shares to the Partners | 131,150 | 170,430 | 221,920 | $ 523,500 |

2.

MO | LU | Barb | Total | |

Initial Partnership Investments | $80,100 | 311,500 | 498,400 | $890,000 |

Add: Net Income | ||||

Salary | 85600 | 64200 | 97000 | |

Interest | 8010 | 31150 | 49840 | |

Balance | 37540 | 75080 | 75080 | |

Total Net Income | 131150 | 170430 | 221920 | 523500 |

Total | $211,250 | $481,930 | $720,320 | $1,413,500 |

Less:Withdrawls | -42400 | -56400 | -72400 | -171200 |

Capital at the end | $168,850 | $425,530 | $647,920 | $1,242,300 |

3. Journal entry for closing

DR. | CR. | |

Income summary | 523500 | |

Mo, Capital | 131150 | |

Lu, Capital | 170430 | |

Barb, Capital | 221920 | |

(to record the closing of income to capital) |

Dr. | Cr. | |

Mo, Drawings | 42400 | |

Cash | 42400 | |

(recording withdrawl of cash) | ||

Mo, Capital | 42400 | |

Mo, Drawings | 42400 | |

(closing of drawings to capital) | ||

Lu, Drawings | 56400 | |

Cash | 56400 | |

(recording withdrawl of cash) | ||

Lu, Capital | 56400 | |

Lu, Drawings | 56400 | |

(closing of drawings to capital) | ||

Barb, Drawings | 72400 | |

Cash | 72400 | |

(recording withdrawl of cash) | ||

Barb, Capital | 72400 | |

Barb, Drawings | 72400 | |

(closing of drawings to capital) |

#### Similar Solved Questions

1 answer

##### 15. How do transportation decisions affect inventory costs?“

15. How do transportation decisions affect inventory costs?“...

1 answer

##### 16.5 Xr16-05 To help determine how many beers to stock the concession manager at Yankee Stadium...

16.5 Xr16-05 To help determine how many beers to stock the concession manager at Yankee Stadium wanted to know how the temperature affected beer sales. Accordingly, she took a sample of 10 games and recorded the number of beers sold and the tem- perature in the middle of the game. 80 68 78 79 87 Tem...

1 answer

##### 3. Can a spur gear set sustain a 13:2 gear ratio using a 14.5o pressure angle...

3. Can a spur gear set sustain a 13:2 gear ratio using a 14.5o pressure angle with 6 teeth/in? Why or why not? If so, how may teeth do the pinion and bull have to minimize overall gearbox size:...

1 answer

##### If a container of pure water is shaken in the air, the water will dissolve atmospheric...

If a container of pure water is shaken in the air, the water will dissolve atmospheric carbon dioxide until the dissolved gas reaches the solubility of Co2, 1X10-5 M, the acidity constant K1, of the carbonic acid is 4*10t-7. What would be the pH o with Co2? f the water saturated...

1 answer

##### No calculations needed just discussion How well did titration work to find the percent by mass...

no calculations needed just discussion How well did titration work to find the percent by mass of acetic acid in vinegar? What could you do to improve your results? Is there anything that you can think of that would improve the experiment? Discuss the percent error....

1 answer

##### Just type the answers, thank you for the help, i appreciate it 1 point) Archeologists have...

just type the answers, thank you for the help, i appreciate it 1 point) Archeologists have discovered a sample of ancient Egyptian skulls from two different time periods, 4000 B.C. and 150 A.D. They believe that the mean maximum skull breadth (the width of the skull at its widest part) has increa...

1 answer

##### 1. A particle is moving along a straight path such that the acceleration a (3v2-2) m/s2,...

1. A particle is moving along a straight path such that the acceleration a (3v2-2) m/s2, where v is in m/s. If v = 15 m/s when s-0 and 1-0, please determine the particle's position, velocity, and acceleration as functions of time...

1 answer

##### 10, 100 mIs 30 hin 13uits rea insulin Combined units 2 units PH 12 300,000 units.avail...

10, 100 mIs 30 hin 13uits rea insulin Combined units 2 units PH 12 300,000 units.avail 1,000,000 unit uia you add 9.b l to uield 3 mls anit mIs will you adinain th gite 300,000 a rate to set Tlpup de gttsm E. SOO ns drif hrs K'S on hand S00 mos, dilute med S mls of strile ate to yield S.5mls vel...

1 answer

##### Which of the following was an unexpected benefit of the bubonic plague? a. It resulted in...

Which of the following was an unexpected benefit of the bubonic plague? a. It resulted in a better understanding of aseptic practices and how to prevent the spread of infection. b. The population decline enabled the cultural advancement of the Renaissance. c. The population of Europe ...

1 answer

##### What is the difference between ion and flow and cellular response when an action potential is...

What is the difference between ion and flow and cellular response when an action potential is heading down an axon and when an action potential is about to reach synaptic potential?...

1 answer

##### When an aqueous solution of manganese(II) sulfate, MnSO4, is added to an aqueous solution of silver(I)...

When an aqueous solution of manganese(II) sulfate, MnSO4, is added to an aqueous solution of silver(I) acetate, AgCH3COO, a precipitate of silver(I) sulfate, Ag2SO4, forms. Write a balanced net ionic equation for this reaction. Use the pull-down choices to specify states such as (aq) or (s). If a b...

1 answer

##### For a matrix A 3 5 (a) Find a nonsingular matrix Q let D-AQ be a diagonal matrix b)Find the inver...

For a matrix A 3 5 (a) Find a nonsingular matrix Q let D-AQ be a diagonal matrix b)Find the inverse of A 氿ㄧ '11.ril. IfA+小1, find the maximal and minin al values of毗孵. 2 For a matrix A 3 5 (a) Find a nonsingular matrix Q let D-AQ be a diagonal matrix b)Find th...

1 answer

##### P1: A temperature measuring system is exited by a 0.25 Hz harmonically varying input. If the...

P1: A temperature measuring system is exited by a 0.25 Hz harmonically varying input. If the time constant of the system is 4.0s and the indicated amplitude is 10 degrees celcius, what is the true temperature? P2: A thermocouple with a time constant of 0.05s is considered to behave as a first order ...

1 answer

##### How do you divide #\frac { 5} { 3n ^ { 3} + 3n ^ { 2} } \div \frac { 1} { 3n ^ { 2} }#?

How do you divide #\frac { 5} { 3n ^ { 3} + 3n ^ { 2} } \div \frac { 1} { 3n ^ { 2} }#?...

1 answer

##### Harden, Inc., has budgeted sales in units for the next five months as follows: June July...

Harden, Inc., has budgeted sales in units for the next five months as follows: June July August September October 8,200 units 6,500 units 8,300 units 8,000 units 6,100 units Past experience has shown that the ending inventory for each month should be equal to 15% of the next month's sales in uni...

1 answer

##### 9. (20 points) Xylene is a hydrocarbon that is used in the production of jet fuel...

9. (20 points) Xylene is a hydrocarbon that is used in the production of jet fuel to gasoline in the chemical industry. Combustion of 78.06 mg of xylene produces 258.9 mg of CO2 and 66.2 mg of water. The molecular weight (molar mass) is ranges between 104-109. Determine the empirical and molecular f...

1 answer

##### The combustion of octane, C.Hgproceeds according to the reaction shown. 2CH2(1) + 250,(8) 1600, (g) +...

The combustion of octane, C.Hgproceeds according to the reaction shown. 2CH2(1) + 250,(8) 1600, (g) + 18 H, O(1) If 394 mol of octane combusts, what volume of carbon dioxide is produced at 15.0 °C and 0.995 atm?...

1 answer

##### Help with these questions please for Questions #6 & #7: Another box of Fizzix textbooks of...

help with these questions please for Questions #6 & #7: Another box of Fizzix textbooks of mass Mis now dropped Use the following information vertically downward from rest at a distance h above a vertically oriented ideal spring o top of the ideal spring is a thin massless platform. f spring con...

1 answer

##### How do you solve using the completing the square method #x^2 - 30x = -125#?

How do you solve using the completing the square method #x^2 - 30x = -125#?...

1 answer

##### Use the financial statements of a company to answer the 4 questions that follow it. When...

Use the financial statements of a company to answer the 4 questions that follow it. When answering the questions (filling in the blanks), DO NOT use dollar signs, USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign in front of first digit for ne...