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Anderson?, Martin?, and Bryant have capital balances of $24,000?, $36,000?, and $60,000?, respectively. The partners share profits...

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Accounting

Anderson?, Martin?, and Bryant have capital balances of$24,000?, $36,000?, and $60,000?, respectively. The partners shareprofits and losses as? follows:

a. The first $50,000 is divided based on the? partners' capitalbalances.

b. The next $50,000 is based on? service, shared equally byAnderson and Bryant. Martin does not receive a salaryallowance.

c. The remainder is divided equally.

Compute each? partner's share of the $121,000 net income for theyear. ?(Complete all answer boxes. For amounts that are? $0, makesure to enter? "0" in the appropriate? column.)

Answer & Explanation Solved by verified expert
4.0 Ratings (544 Votes)

ANDERSON MARTIN BRAYANT Total
a) First $50000 (4:6:10) $        10,000 $        15,000 $        25,000 $            50,000
(Based on capital ratio)
b) Next $50000 (Equally by anderson and brayant) $        25,000 $                 -   $        25,000 $            50,000
c) Balance ($21000 Equally) $          7,000 $          7,000 $          7,000 $            21,000
Total $        42,000 $        22,000 $        57,000 $        1,21,000

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