acct 220 week 7 homework solutions Partnership Facts 1 Mary

acct 220 week 7 homework solutions Partnership Facts: 1. Mary and Bob are both general partners of a partnership. 2. Mary invested $225,000 in the partnership. 3. Bob invested $150,000 in the partnership. 4. Income is allocated based on the investment of each partner relative to the total investment of both partners. 5. The net income to allocate is $182,000. 6. Assume that no funds have been distributed this year and that they will not be distributed now. Prepare an entry to allocate income to the partner capital accounts. Allocate the net income to partners based on the above partnership terms and prepare allocation journal entries. Mary Bob Totals