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Will Beck, Ron Beck, and Barb Beck formed the BBB Partnership by making capital con

Will Beck, Ron Beck, and Barb Beck formed the BBB Partnership by making capital con

Will Beck, Ron Beck, and Barb Beck formed the BBB Partnership by making capital contributions of $183,750, $131,250, and $210,000, respectively. They predict
annual partnership net income of $225,000 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 $40,000 to Will, $30,000 to Ron, and $45,000 to Barb; interest allowances of 10% on their initial capital
investments; and the balance shared equally. references Problem 12-3A Part 3 3. Prepare the December 31 journal entry to close Income Summary assuming they agree
to use plan (c) and that net income is $104,500. Also close the withdrawals accounts. (Round your answers to the nearest whole dollar amount. Omit the “$” sign in
your response.) Date General Journal Debit Credit Dec. 31

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