Alford, Beeson, and Carlton have operated a coffee shop for a number of years as a partnership. At the beginning of capital balances were as follows:
Alford $
Beeson
Carlton
Due to a cash shortage, Alford invests an additional $ in the business on April
Each partner is allowed to withdraw $ cash each month.
The partners have used the same method of allocating profits and losses since the business's inception:
Each partner is given the following compensation allowance for work done in the business: Alford, $; Beeson, $; and Carlton, $
Each partner is credited with interest equal to percent of the average monthly capital balance for the year without regard for normal drawings.
Any remaining profit or loss is allocated :: to Alford, Beeson, and Carlton, respectively. The net income for is $ Each partner withdraws the allotted amount each month.
Required:
Prepare a schedule showing calculations for the partners' ending capital balances.
