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Answer part a, b & c.. thank you
McGill and Smyth have capital balances on January 1 of $48,000 and $44,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $15,000 for McGill and $15,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth.
Prepare a schedule showing the distribution of net income, assuming net income is $81,000. (If an amount reduces the account balance then enter with a negative sign preceding the number or parenthesis, e.g. -15,000, (15,000).) DIVISION OF NET INCOME McGill Total Salary allowance $ 15000 $ 15000 $ Interest allowance Total salaries and interest Remaining income / deficiency Total division of net $ income $ Smyth $ 30000
Prepare a schedule showing the distribution of net income, assuming net income is $27,000. (If an amount reduces the account balance then enter with a negative sign preceding the number or parenthesis, e.g. -15,000, (15,000).) DIVISION OF NET INCOME McGill Total Salary allowance $ $ $ Interest allowance Total salaries and interest Remaining income / deficiency Total division of net $ $ income $ Smyth
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. <