Question

- + 9 0
REQUIRED: Prepare a schedule to allocate partnership net income of $28,000 for 2011.
E 16-5
Partnership income allocation-Partnership capital statement
On December 31, 2011, the total partnership capital (assets less liabilities) for the Bird, Cage, and Dean partnership is
$186,000. Selected information related to the preclosing capital balances as follows:
Total Capital
Bird Capital
Cage Capital Dean Capital
$ 60,000
$ 45.000
10.000
$70,000
10,000
(15,000)
(5.000)
$60,000
$175.000
20,000
(30,000)
(15.000)
$750,000
Balance January 1
Investments 2011
Withdrawals 2011
Drawings 2011
(15,000)
(5.000)
$ 40.000
(5.000)
$ 50.000
MENG
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