Question adler milton and bryant have capital balances of, Ask an Expert

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Question: Adler, Milton, and Bryant have capital balances of $20,000, $30,000, and $50,000, respectively. The partners share profits and losses as follows:

a. The first $30,000 is divided based on the partners' capital balances.

b. The next $30,000 is based on service, shared equally by Adler and Bryant. Milton does not receive a salary allowance.

c. The remainder is divided equally.

Requirements: 1. Compute each partner's share of the $72,000 net income for the year.

2. Journalize the closing entry to allocate net income for the year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92760835

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