Price, Waterhouse, and Coopers complete their first year of business as a partnership. The partners
Price, Waterhouse, and Coopers complete their first year of business as a partnership. The partners offer auditing, tax, and advisory services. Use the Tableau Dashboard to determine allocation of income.
Needing help on these!! I've been stuck and don't know how to do them. 1. Determine each partner's share of income assuming the partners agree to share income by giving a $27,000 per year salary allowance to Price, a $50,000 per year salary allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, a 15% interest on their initial capital investments, and the remaining balance shared equally. 2. Prepare a statement of partners' equity for the year ended December 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share of income assuming the partners agree to share income by giving a $27,000 per year salary allowance to Price, a $50,000 per year salary allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, a 15% interest on their initial capital investments, and the remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Show less Allocation of Partnership Income Price Waterhouse Coopers Total $ 27,000 $ 50,000 $ 46,000 123,000 T O Net income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of each partner $ 27,000 $ 50,000 $ 46,000 1. Determine each partner's share of income assuming the partners agree to share income by giving a $27,000 per year salary allowance to Price, a $50,000 per year salary allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, a 15% interest on their initial capital investments, and the remaining balance shared equally. 2. Prepare a statement of partners' equity for the year ended December 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share of income assuming the partners agree to share income by giving a $27,000 per year salary allowance to Price, a $50,000 per year salary allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, a 15% interest on their initial capital investments, and the remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Show less Allocation of Partnership Income Price Waterhouse Coopers Total $ 27,000 $ 50,000 $ 46,000 123,000 T O Net income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of each partner $ 27,000 $ 50,000 $ 46,000 1. Determine each partner's share of income assuming the partners agree to share income and loss in proportion to their initial investments. 2. Determine each partner's share of income assuming the partners agree to share income by giving a $27,000 per year salary allowance to Price, a $50,000 per year salary allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, and the remaining balance shared equally. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share of income assuming the partners agree to share income by giving a $27,000 per year salary allowance to Price, a $50,000 per year salary allowance to Waterhouse, a $46,000 per year salary allowance to Coopers, and the remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Price W aterhouse C oopers Total Partner share of net income Net income Salary allowances Balance of income Balance allocated equally Balance of income Shares of each partner $ 0 $ 0 $ 0 < Required 1 Required 2 >
