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Posted: March 19th, 2020

Accounting question plz help

Question description

Partner Bonuses, Statement of Partners' EquityThe partnership of Angel Investor Associates began operations on January 1, 2014, with contributions from two partners as follows:[img height="38" width="305" src="http://east.cengagenow.com/ilrn/books/waac25h/images/ch12/waac25h_ch12_ex12_16.gif">1.  In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest.2.  Net income of $150,000 was earned in 2014. In addition, Dennis Overton received a salary allowance of $40,000 for the year. The three partners agree to an income-sharing ratio equal to their capital balances after admitting Campbell.3.  The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income.Partner Bonuses, Statement of Partners' EquityPrepare a statement of partnership equity for the year ended December 31, 2014. If an amount is zero, enter in "0". Angel Investor Associates  Statement of Partnership Equity  For the Year Ended December 31, 2014  Dennis Overton, Capital  Ben Testerman, Capital  Randy Campbell, Capital  Total Partnership Capital  Partnership capital, January 1, 2014 $ $ $  Admission of Randy Campbell   $   Salary allowance    Remaining income      Less: Partner withdrawals      Partnership capital, December 31, 2014 $ $ $ $ 

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