Net income of 150000 was earned in 2016 in addition dennis


1. The following additional partner transaction took place during the year: in early January. 1.Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest.

2. Net income of $150,000 was earned in 2016. In addition, Dennis overton received a salary of $40,000 for the year. The three partners agree to an income sharing ratio equal to their capital balances after admitting Campbell.

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, 2016.

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Financial Accounting: Net income of 150000 was earned in 2016 in addition dennis
Reference No:- TGS01600464

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