The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a $10,000 salary and Brook receives a $15,000 salary. Question Content Area Prepare a...




The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a $10,000 salary and Brook receives a $15,000 salary.








Question Content Area



Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is:


If an amount is zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300)



A. $60,000






























Tatum

Brook

Total
Salaries$fill in the blank 4f61950d2013fee_1$fill in the blank 4f61950d2013fee_2$fill in the blank 4f61950d2013fee_3
Remaining income allocationfill in the blank 4f61950d2013fee_4fill in the blank 4f61950d2013fee_5fill in the blank 4f61950d2013fee_6
Total division of income$fill in the blank 4f61950d2013fee_7$fill in the blank 4f61950d2013fee_8$fill in the blank 4f61950d2013fee_9


B. $25,000






























Tatum

Brook

Total
Salaries$fill in the blank 4f61950d2013fee_10$fill in the blank 4f61950d2013fee_11$fill in the blank 4f61950d2013fee_12
Remaining income allocationfill in the blank 4f61950d2013fee_13fill in the blank 4f61950d2013fee_14fill in the blank 4f61950d2013fee_15
Total division of income$fill in the blank 4f61950d2013fee_16$fill in the blank 4f61950d2013fee_17$fill in the blank 4f61950d2013fee_18


C. $(5,000)






























Tatum

Brook

Total
Salaries$fill in the blank 4f61950d2013fee_19$fill in the blank 4f61950d2013fee_20$fill in the blank 4f61950d2013fee_21
Remaining income allocationfill in the blank 4f61950d2013fee_22fill in the blank 4f61950d2013fee_23fill in the blank 4f61950d2013fee_24
Total division of income$fill in the blank 4f61950d2013fee_25$fill in the blank 4f61950d2013fee_26$fill in the blank 4f61950d2013fee_27











Question Content Area



Prepare the journal entries to show the resulting each partner's capital account. Tatum's capital account balance is $50,000 and Brook's is $60,000. If an amount box does not require an entry, leave it blank.



















































































A.

- Select -- Select -


- Select -- Select -


- Select -- Select -


- Select -- Select -
B.

- Select -- Select -


- Select -- Select -


- Select -- Select -


- Select -- Select -
C.

- Select -- Select -


- Select -- Select -


- Select -- Select -


- Select -- Select -




Jun 11, 2022
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