Hope enjoy amp faith inc reports net income of 140000the, Ask an Expert

Finance

Hope, Enjoy & Faith Inc. reports net income of $140,000.

The partnership agreement provides for annual salaries:

Hope $ 20,000

Enjoy $ 15,000

Faith $ 10,000

The partnership agreement provides for interest allowances:

Hope $10,000

Enjoy $11,000

Any remaining income or loss is to be shared:

Enjoy 30%

Hope 10%

Faith 60%

The beginning capital for the partners are:

Enjoy $132,000

Faith $190,000

Hope $100,000

During the 2016:

Hope contribution additional investment in the partnership for $10,000

Enjoy withdrawals $4,000.

Instructions

Prepare the schedule to distribution the net income.

Prepare the statement of capital for the Hope, Enjoy and Faith Inc.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92742980

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