At the end of its first year of operations on December 31, 2020, Carla Vista Company's accounts show the following.

Capital Partner Drawings $49,000 $22,900 Art Niensted 13,600 34,000 Greg Bolen 10,800 23,500 Krista Sayler

The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2020 has not been closed to the partners' capital accounts.

To record the division of net income for the year 2020 under each of the following independent assumptions

1. Net income is $28,300. Income is shared 6:3:1

2. Net income is $39,600. Niensted and Bolen are given salary allowances of $15,200 and $10,300 respectively. The remainder is shared equally

3. Net income is $18,900. Each partner is allowed interest of 10% on beginning capital balances Niensted is given a $14,250 salary allowance. The remainder is shared equally

Prepare a schedule showing the division of net income under assumption (3) above. (If an amount reduces the account balance then enter with a negative sign preceding the number e. g. -15,000 or parenthesis e. g. (15,000).)

Partner                                   Capital                               Drawings

Art Niensted                         $49,000                             $22,900

Greg Bolen                            13,600                                  34,000

Krista Sayler                           10,800                                 23,500

1. Net income is $28,300. Income is shared 6:3:1

$ 28,300/10= $ 2830

Art Niensted   gets (6/10 )* $ 28300=  $ 16980

Art Niensted  New Balance will be after deducting drawings = $ 16980- $ 22,900= ($ 5920)

Greg Bolen  gets (3/10 )* $ 28300 = $ 8490

Greg Bolen New Balance will be after deducting drawings =$ 8490 - $ 34000= ($ 25,510)

Krista Sayler    gets (1/10 )* $ 28300 =  $2830

Krista Sayler New Balance will be after deducting drawings =$2830- $ 23500= ($ 20670)

2. Net income is $39,600. Niensted and Bolen are given salary allowances of $15,200 and $10,300 respectively. The remainder is shared equally

Salary is deducted .

$39,600- $ 15,200- $ 10,300= $ 14,100

$ 14,100/3 = $ 4700

Each partner will get $ 4700 after getting their salary

Art Niensted   gets $ 15200 + $4700=  $ 19900

Art Niensted  New Balance will be $ 19900 - $ 22,900= ($3000)

Greg Bolen  gets $ 10,300 + $ 4700= $ 15,000

Greg Bolen New Balance will be  $ 15,000- $ 34000=  ($19000)

Krista Sayler    gets  $ 4700

Krista Sayler New Balance will be  4700 -  $ 23500= ($ 18,800)

3. Net income is $18,900. Each partner is allowed interest of 10% on beginning capital balances Niensted is given a $14,250 salary allowance. The remainder is shared equally

Calculation of Income = $18900- $14250/3 = $ 4650/3= $1550

Art Niensted     = 10 % 0f   $49,000  =  $ 4900                    

Greg Bolen     = 10 % 0f  13,600 =   $ 1360                            

Krista Sayler      = 10 % 0f   10,800  =  % 1080  

Art Niensted   gets  $ 4900  + $14250 +1550=  $ 20700

Art Niensted  New Balance will be after deducting drawings = =  $ 20700- 22900= ($2200)

Greg Bolen  gets $ 1360+1550 = $ 2910

Greg Bolen New Balance will be after deducting drawings =$ 2910- $ 34000= ( $31090)

Krista Sayler    gets  $ 1080 +$1550=  $ 2360

Krista Sayler New Balance will be after deducting drawings =$ 2360 - $ 23500= ($ 20870)

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