Curly, Larry and Moe formed a partnership that provides residential plumbing services. The business has a December 31 year end. At the beginning of the year, the opening balance in Curly's capital...

P9

Extracted text: Curly, Larry and Moe formed a partnership that provides residential plumbing services. The business has a December 31 year end. At the beginning of the year, the opening balance in Curly's capital account was $188,500, Larry's opening capital balance was $377,000 and Moe's opening capital balance was $282,750. The business reported a net income of $495,500. Their partnership agreement provided for sharing of net income (loss) on the following basis: 1. Salary allocation of $101,300 to Curly, $79,400 to Larry and $79,000 to Moe 2. Remainder shared where Curly gets 15%, Larry gets 40% and Moe gets 45%. Prepare a table showing changes in the partners' capital during the year. Do not enter dollar signs or commas in the input boxes. Do not enter use the negative sign in your answers. Round your answers to the nearest whole number. Total Curly Larry Moe Net Income Salaries Remainder Share of remainder Transferred to partner's сapital b) Prepare the journal entry to record the distribution of net income. Assume revenues and expenses have been closed to the income summary account. Date Account Title and Explanation Debit Credit Dec 31 Allocate income to partners