how do i calculate remainder to allocate? The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the followingsequence:Jones, the managing partner, receives a bonus equal to 20 percent of the business's profit.• Each partner receives 13 percent interest on average capital investment.• Any residual profit or loss is divided equally.The average capital investments for 2021 were as follows:$ 150,000300,000450,000JonesKingLaneThe partnership earned $90,000 net income for 2021. Prepare a schedule showing how the 2021 net income should be allocated tothe partners. (Loss amounts should be indicated with a minus sign.)JonesKingLaneTotalNet income2$90,000Bonus2$18,000 $o $(18,000)Interest19,50039,00058,500(117,000)$(45,000)Remainder to allocateTotal allocation$37,500 $39,000 $58,500 $(45,000)

Partnership is the agreement or association between two or more than two persons, in which they join…

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Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 9E

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The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence: Jones, the managing partner, receives a bonus equal to 15 percent of the business's profit. Each partner receives 18 percent interest on average capital investment. Any residual profit or loss is divided equally. The average capital investments for 2018 for 2018 were as follows: Jones $250,000 King $350,000 Lane $525,000 How much of the $78,000 partnership profit for 2018 should be assigned to each partner?
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