Question

Teri and Doug had capital balances of $125,000 and $100,000 respectively on January 1, 2019. On May 8, Doug invested an additional $20,000 in the partnership. Teri and Doug have $90,000 and $12,000 salary allowances respectively. During the year, Teri and Doug withdrew $115,000 and $140,000 respectively. Net Income is $375,000, Teri and Doug have agreed to an income sharing split of 7:3, respectively. Determine the following amounts (enter in whole numbers, no currency symbol, no decimals; example 100,000) Teri's share of Net Income $ Doug's share of Net Income $ Teri's Capital balance on 12-31-2019 $ Doug's Capital balance on 12-31-2019 $

          Teri and Doug had capital balances of $125,000 and $100,000 respectively on January 1, 2019. On
May 8, Doug invested an additional $20,000 in the partnership. Teri and Doug have $90,000 and
$12,000 salary allowances respectively. During the year, Teri and Doug withdrew $115,000 and
$140,000 respectively. Net Income is $375,000, Teri and Doug have agreed to an income sharing split
of 7:3, respectively.
Determine the following amounts (enter in whole numbers, no currency symbol, no decimals; example
100,000)
Teri's share of Net Income $
Doug's share of Net Income $
Teri's Capital balance on 12-31-2019 $
Doug's Capital balance on 12-31-2019 $

Teri and Doug had capital balances of 125,000 and100,000 respectively on January 1, 2019. On
May 8, Doug invested an additional 20,000 in the partnership. Teri and Doug have90,000 and
12,000 salary allowances respectively. During the year, Teri and Doug withdrew115,000 and
140,000 respectively. Net Income is375,000, Teri and Doug have agreed to an income sharing split
of 7:3, respectively.
Determine the following amounts (enter in whole numbers, no currency symbol, no decimals; example
100,000)
Teri's share of Net Income Doug's share of Net Income
Teri's Capital balance on 12-31-2019 Doug's Capital balance on 12-31-2019

Added by Marc V.

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