Chat with us, powered by LiveChat Ellen, Fargo, and Gary are partners who share prof - Writemia

Ellen, Fargo, and Gary are partners who share prof

Ellen, Fargo, and Gary are partners who share profits and losses 20 percent, 20 percent, and 60 percent, respectively, after Ellen and Fargo each receive a $12,000 salary allowance. Capital balances on January 1, 2011, are as follows:Ellen (20%) .. $ 69,000Fargo (20%) 85,500Gary (60%) 245,500During 2011, Gary invested an additional $20,000 in the partnership, and Ellen and Fargo each withdrew $12,000, equal to their salary allowances as provided by the profit and loss sharing agreement. The partnership net assets at December 31, 2011, were $481,000.REQUIRED: Prepare a statement of partnership capital for the year ended December 31, 2011.

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