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Ell Far and Gar are partners who share profits and losses 30 percent 30 percent and 40 percent respectively after Ell and Far each receive a $32000 salary allowance Capital balances on January

Ell, Far, and Gar are partners who share profits and losses 30 percent, 30 percent, and 40 percent, respectively, after Ell and Far each receive a $32,000 salary allowance. Capital balances on January 1, 2016, are as follows: Ell (30%) ................ $69,000 Far (30%) .............. 85,500 Gar (40%) .............. 245,500 During 2016, Gar invested an additional $20,000 in the partnership, and Ell and Far each withdrew $32,000, equal to their salary allowances as provided by the profit- and loss-sharing agreement. The partnership net assets at December 31, 2016, were $481,000. REQUIRED: Prepare a statement of partnership capital for the year ended December 31, 2016.

Jul 16 2020 View more View Less

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