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Matthew_McCoy_Problem 12-3A

Matthew_McCoy_Problem 12-3A - MatthewMcCoy Problem123A...

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Matthew McCoy Problem 12-3A Income (Loss) Sharing Plan Calculations Will Trevor Barb Total 210,000/3 70,000 70,000 70,000 210,000 (142,500/475,000)X210,000 63,000 (118,750/475,000)X210,000 52,500 (213,750/475,000)X210,000 94,500 210,000 net income 210,000 int. allowances 10%+ salary allowances balance shared  Will 38,000 equally Trevor 28,000 Barb 43,000 interest allowances Will (10%X142,500) 14,250 Trevor (10%X118,750) 11,875 Barb (10%X213,750) 21,375 total salaries and interest 156,500 53,500 Will 17,833 Trevor 17,833 Barb 17,833 Income of each partner 70,083 57,708 82,208                                                             BBB                                       Statement of Partners' Equity                                  For Year Ended December 31, 2009                        Will                                           Trevor                      Barb               Beginning capital bal. 0 0 0 Plus Investment by owners
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