( I need corrections to the red marked boxes) ear 1 Plan (a) Net Income (loss) B
ID: 2497944 • Letter: #
Question
( I need corrections to the red marked boxes)
ear 1 Plan (a) Net Income (loss) Balance allocated in proportion to Watts Lyon Total $ (14,000) (14,000) 0 (9,100) S (14,000) 31500/90000/ (4,900)M 58500/90000 (9,100 initial investments Balance of income (loss) Shares to the partners Plan (b) Net Income (loss) Balance allocated in proportion to S(4,900) Watts Lyon Total $ (14,000) (14,000) 0 $ (11,200) 14,000) (2,800) 4/5, (11,200),/ time devoted Balance of income (loss) Shares to the partners Plan (c) Net Income (loss) Salary allowances Balance of income (loss) Balance allocated in proportion to (2,800) Watts Lyon Total $ (14,000) 18,000 (32,000) (32,000) 0 (2,800) S (14,000) 0 18,000 31500/90000/ (11,200) 58500/90000 (20,800) initial investments Balance of income (loss) Shares of the partners Plan (d) Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners $ (11,200) Watts Lyon Total $ (14,000) 18,000 18,000 5,265 (20,050) 0 (40,100)X 8,100 (40,100) (40,100) 0 3,215 S (14,000) 2,835 (20,050)/ $ (17,215)Explanation / Answer
SOLUTION
Year 1, Plan D,
Balance of income( loss) = 14,000 + 18,000 = 32,000
Year 2, plan D,
Balance of income = 35,000 - 18,000 = 17,000.
Balance of income after intrest allowance = 17,000.- 8,100 = 8,900
Year 3rd, Plan D.
Balance of income (loss) = 58,333 - 18,000 = 40,333
Balance of income after intrest allowance = 40,333 - 8,100 = 32,233
Balance allocated equally = 16,116.5
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