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Present the income division section of the income statement

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Problem - David and Warren had capital balances of $140,000 and $160,000 respectively at the beginning of the current fiscal year. The articles of partnership provide for salary allowances of $25,000 and $30,000 respectively, an allowance of interest at 12% on the capital balances at the beginning of the year, with the remaining net income divided equally. Net income for the current year was $120,000.

(a) Present the income division section of the income statement for the current year.

(b) Assuming that the net income had been $50,000 instead of $120,000, present the income division section of the income statement for the current year.

Reference no: EM132855641

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