The capital account balances on January 1, 2014, for Christine and Dave were $140,000 and $210,000, respectively. During 2014, the Christine and Dave partnership had sales of $520,000, cost of goods sold of $182,000, and operating expenses of $46,000.
I want to make a schedule which clearly sets out the division of income or loss to the partners for 2014.
1. Since Christine will work only part time in the partnership, she will be allocated a salary allowance that is one half the salary allowance allocated to Dave. Dave’s salary allowance will be 20% of sales.
2. Both partners will be given an interest allowance of 20% on their beginning-of-the-year capital account balances.
3. The remaining income and loss is to be divided 40% to Christine and 60% to Dave.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more