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Journalize allocation of net income in each of the situation

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Reference no: EM131207871

McGill and Smyth have capital balances on January 1 0f $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for

(1) annual salaries of $22,000 for McGill and $13,000 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.

Instructions

Prepare a schedule showing the distribution of net income, assuming net income is (1) $50,000 and (2) $36,000.

Journalize the allocation of net income in each of the situations above.

Reference no: EM131207871

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