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The parthership agreement of Jones. King, ond Lane provides for the onnual allocation of the
business's proft or loss in the following sequence: - Jones, the manoging partner, recelves a
bonus equal to 10 percent of the business's proft. - Each parther recelves 13 percent interest on
average capital investment. - Any residual profit or loss is divided equally. The average capital
investments for 2021 were os follows: The portnership earned 546,000 net income for 2021 .
Prepare a schedule showing how the 2021 net income should be allocated to the partners. (Loss
amounts should be indicated with o minus sign.)

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Jones King Lane Partnership 2021 Profit Allocation Schedule

  • 1. The parthership agreement of Jones. King, ond Lane provides for the onnual allocation of the business's proft or loss in the following sequence: - Jones, the manoging partner, recelves a bonus equal to 10 percent of the business's proft. - Each parther recelves 13 percent interest on average capital investment. - Any residual profit or loss is divided equally. The average capital investments for 2021 were os follows: The portnership earned 546,000 net income for 2021 . Prepare a schedule showing how the 2021 net income should be allocated to the partners. (Loss amounts should be indicated with o minus sign.)