Please finish this graph for me. I need all of the boxes filled.
Statement of Partnership
For the Year Ended December 31,
Partner Bonuses, Statement of Partners' Equity
The partnership of Angel Investor Associates began operations on January 1, 2014, with contributions
from two partners as follows:
The following additional partner transactions took place during the year:
1. In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a
2. Net income of $150,000 was earned in 2014. In addition, Dennis Overton received a salary
allowance of $40,000 for the year. The three partners agree to an income-sharing ratio equal to their
capital balances after admitting Campbell.
3. The partners' withdrawals are equal to half of the increase in their capital balances from salary
allowance and income.
Distribution of Cash Upon Liquidation
Bray, Lincoln, and Mapes arranged to import and sell orchid corsages for a university dance. They
agreed to share equally the net income or net loss of the venture. Bray and Lincoln advanced $225
and $300 of their own respective funds to pay for advertising and other expenses. After collecting for
all sales and paying creditors, the partnership has $1,500 in cash.
Use the minus sign to indicate any deficiency for the capital accounts.
a. How should the money be distributed?
Capital balances and cash distribution
b. Assuming that the partnership has only $300 instead of $1,500, do any of the three partners have
a capital deficiency?
If so, how much?
Dividing Partnership Income
Nicole Murphy and Ashley Drake formed a partnership, investing $270,000 and $90,000, respectively.
Determine their participation in the year's net income of $350,000 under each of the following
No agreement concerning division of net income.
Divided in the ratio of original capital investment.
Interest at the rate of 5% allowed on original investments and the remainder divided in the
ratio of 2:3.
Salary allowances of $40,000 and $50,000, respectively, and the balance divided equally.
Allowance of interest at the rate of 5% on original investments, salary allowances of $40,000
and $50,000, respectively, and the remainder divided equally.
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