ooo Inland C... LTE 1:46 PM edugen.wileyplus.com C onework Problem 12-2A (Part L

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ooo Inland C... LTE 1:46 PM edugen.wileyplus.com C onework Problem 12-2A (Part Level Submission) At the end of its first year of operations on December 31, 2017, NBS Company's accounts show the following. A Part SA IPert 22,900 Greg Baer The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2017 has not been closed to the partners' capital accounts. Your answer is correct. Journalize the entry to record the division of net income for the year 2017 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (4) Net income is $30,100. Income is shared 6:3 1. 2) Net income is $40,500. Niensted and Bolen are given salary allowances of $14,500 and $10,400, respectively. The remainder is shared equally. (3) Net income is $19,100. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14,180 salary allowance. The remainder is shared equally.

Explanation / Answer

NBS Company Partners Capital Statement Art Niensted Greg Bolen Krista Sayler Capital January 1 49700 33000 26500 Add Net Income 17150 1300 650 66850 34300 27150 Less Drawings 22900 13500 11800 Capital Dec 31 43950 20800 15350

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