Manufacturing Company is a partnership among yolanda gonzales, willie todd and linda yeager. The partnership contract states that partnership profits will be split equally among the three partners. During the current year gonzales withdrew $25,000, todd withdrew $23,000, and yeager withdrew $30,000. Net income of e-z manufacturing company amounted to $180,000.
A. Calculate each partner's share of net income for the period.
B. Describe the effects, if any, that the partnership operations would hae on the individual tax returns of the partners.
C. Prepare a statement of partner's equity for the year. Assume that partner's capital accounts had a beginning balances of $50,000, $60,000 and $40,000 for gonzales, todd and yeager, respectively. Hide problem