EX 12-16 Partner bonuses, statement of partners’ equity
The partnership of Angel Investor Associates began operations on January 1, 2012, with contributions from two partners as follows:
| Scott Wilson | $120,000 |
| Michael Goforth | 80,000 |
The following additional partner transactions took place during the year:
1. In early January, Lance McGinnis is admitted to the partnership by contributing $50,000 cash for a 20% interest.
2. Net income of $250,000 was earned in 2012. In addition, Scott Wilson received a salary allowance of $45,000 for the year. The three partners agree to an income-sharing ratio equal to their capital balances after admitting McGinnis.
3. The partners’ withdrawals are equal to half of the increase in their capital balances from salary allowance and income.
Prepare a statement of partnership equity for the year ended December 31, 2012.
Economic Debate- Progressive Income Tax For this Economic Debate, we are going to discuss the…
TOPIC: Going Global Discussion Thread 1 (initial post due Wednesday for full credit) Please note:…
Assignment Topic This week will culminate in the creation of a narrated PowerPoint to create…
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. Assignments submitted…
you need to post your 2-page information flier to share with your Final Project Group.…
discussion: Discuss the methods used at your company to measure and ensure quality products and…