Need some accounting help please

Posted on 2013-11-22 17:05:00 in Accounting by BJ

Partner Bonuses, Statement of Partners' Equity



The partnership of Angel Investor Associates began operations on January 1, 2012, with contributions from two partners as follows:





The following additional partner transactions took place during the year:

1. In early January, Lance McGinnis is admitted to the partnership by contributing $50,000 cash for a 20% interest.

2. Net income of $250,000 was earned in 2012. In addition, Scott Wilson received a salary allowance of $45,000 for the year. The three partners agree to an income-sharing ratio equal to their capital balances after admitting McGinnis.

3. The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income.



I'm just having trouble with finding the remaining income and the Less: Partner withdrawals. I have everything else.

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