On January 1, 2020, the dental partnership of Angela, Diaz, and Krause was formed when the partners contributed $47,000,

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On January 1 2020 The Dental Partnership Of Angela Diaz And Krause Was Formed When The Partners Contributed 47 000 1 (35.39 KiB) Viewed 46 times

On January 1 2020 The Dental Partnership Of Angela Diaz And Krause Was Formed When The Partners Contributed 47 000 2 (31.61 KiB) Viewed 46 times

On January 1 2020 The Dental Partnership Of Angela Diaz And Krause Was Formed When The Partners Contributed 47 000 3 (33.81 KiB) Viewed 46 times

On January 1, 2020, the dental partnership of Angela, Diaz, and Krause was formed when the partners contributed $47,000, $75,000, and $77,000, respectively. Over the next three years, the business reported net income and (loss) as follows: 2020 2821 2022 $ 87,000 59,000 (42,000) During this period, each partner withdrew cash of $19,000 per year. Krause invested an additional $4,000 in cash on February 9, 2021. At the time that the partnership was created, the three partners agreed to allocate all profits and losses according to a specified plan written as follows: • Each partner is entitled to interest computed at the rate of 10 percent per year based on the individual capital balances at the beginning of that year. • Because of prior work experience, Angela is entitled to an annual salary allowance of $14,000 per year, and Diaz is entitled to an annual salary allowance of $10,700 per year. • Any remaining profit will be split as follows: Angela, 20 percent; Diaz, 45 percent; and Krause, 35 percent. If a net loss remains after the initial allocations to the partners, the balance will be allocated: Angela, 30 percent; Diaz, 55 percent; and Krause, 15 percent Prepare a schedule that determines the ending capital balance for each partner as of the end of each of these three years.

Ending Capital Ending Capital Ending Capital Balance 2020 Balance 2021 Balance 2022 Prepare a schedule that determines the ending capital balance for each partner as of the end of 2021. (Amounts to be deducted should be indicated with minus sign.) Beginning balances Additional investment Net income allocation Drawings Ending balances ANGELA, DIAZ, and KRAUSE Statement of Partners' Capital For the Year Ending December 31, 2021 Angela Diaz Krause 93,280 S 80,540 4,000 4,000 € S 55,180 0 16,280 * (19,000) S 52,460 $ 00 0x (19,000) $ 74,280 Total $ 229,000 4,000 20,280 (19,000) (57,000) S 69,540 $ 196,280

Ending Capital Ending Capital Ending Capital Balance 2020 Balance 2021 Balance 2022 Prepare a schedule that determines the ending capital balance for each partner as of the end of 2022. (Amounts to be deducted should be indicated with minus sign. Do not round intermediate calculations. Round your final answers to nearest dollar amounts.) Beginning balances Income allocation Drawings Ending balances ANGELA, DIAZ and KRAUSE Statement of Partners' Capital For the Year Ending December 31, 2022 Angela Diaz S 58 Krause (19,000) (19,000) (19,000) S (18,995) S (19,000) $ (19,000) Ending Capital Polono 2014 $ Total 5 0 (57,000) $ (56,995)