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Villa america company reported net income

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1. Villa America Company reported net income of $85,000. The partnership agreement provides for salaries of $25,000 to S.Wiborg and $18,000 to G. Murphy. They divide the remainder 40% to Wiborg and 60% to Murphy. S.Wiborg asks your help to divide the net income between the partners and to prepare the closing entry.

Reference no: EM131131828

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Villa america company reported net income : Villa America Company reported net income of $85,000. The partnership agreement provides for salaries of $25,000 to S.Wiborg and $18,000 to G. Murphy.
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