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Question - Ann Stolton and Susie Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $15,000 and that Bright should receive a$20,000 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner's share of the current year's net income of $52,000.
-Lopez, Cruz and Perez are partners and share net income and loss in a 6:4:1 ratio. On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez,$3,000; Cruz, $1,800; and Perez,$1,200. Prepare journal entries to record Perez's withdrawal under each of the following separate situations: Perez is paid for her equity using partnership cash of (1)$1,200; (2) $1,600; and (3)$700.
Financial Statement Analysis and Preparation
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