- Mcgill And Smyth Have Capital Balances On January 1 Of 57 000 And 47 000 Respectively The Partnership Income Sharing 1 (10.6 KiB) Viewed 58 times
- Mcgill And Smyth Have Capital Balances On January 1 Of 57 000 And 47 000 Respectively The Partnership Income Sharing 2 (32.08 KiB) Viewed 58 times
- Mcgill And Smyth Have Capital Balances On January 1 Of 57 000 And 47 000 Respectively The Partnership Income Sharing 3 (37.48 KiB) Viewed 58 times
- Mcgill And Smyth Have Capital Balances On January 1 Of 57 000 And 47 000 Respectively The Partnership Income Sharing 4 (42.42 KiB) Viewed 58 times
(1) Prepare a schedule showing the distribution of net income, assuming net income is $84.000. (If an amount reduces the account balance then enter with a negative sign preceding the number or parenthesis, eg -15,000, (15,000).) DIVISION OF NET INCOME McGill Smyth Total Salary allowance $ Interest allowance Total salaries and interest Remaining income/ deficiency Total division of net income
(2) Prepare a schedule showing the distribution of net income, assuming net income is $30,000. (If an amount reduces the account balance then enter with a negative sign preceding the number or parenthesis, eg -15,000, (15,0001) DIVISION OF NET INCOME McGill Smyth Total Salary allowance $ $ Interest allowance Total salaries and interest Remaining income deficiency $ $ Total division of net income e Textbook and Media Save for Later Attempts: 0 of 5 used Submit Answer
ס) Journalize the allocation of net income in each of the situations above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order presented in the previous part) No. Account Titles and Explanation Debit Credit 1. > 2 . e Textbook and Media Attempts: 0 of 5 used Submit Answer Sve for later