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ACC - Rob, Chris, and Matt are in a partnership




Question;Rob, Chris, and Matt are in a partnership that provides banking services. Profits/losses are split: 50%, 20% and 30%, respectively. Beginning capital balances are as follows: Rob: 190,000 Chris: 220,000 Matt: 430,000 The net income: $43,000 for 2013Loss: $42,000 for 2014Each individual partner is allowed 14% in interest for the beginning of the year capital balances.$9,000 is allotted in annual drawings. Rob and Chris are also allotted $15,000 in compensation/year.Matt's contribution was $30,000 at the beginning of 2014 because of projected loss. 1. Provide income allocations for all partners for 2013 and 2014. 2. Provide 2014 closing entries/capital balances as of 12/31/14.


Paper#40049 | Written in 18-Jul-2015

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