Use the information supplied in Exercise 11-8 for Ben Bowman and Savannah Mapes.
a. Determine the division of $100,000 net income for the year.
b. Provide journal entries to close (1) the income summary and (2) the withdrawals
accounts for the two partners.
In Exercise 11-8
Ben Bowman and Savannah Mapes formed a limited liability partnership with a partner- ship agreement that provided a salary allowance of $75,000 and $60,000 to each partner, respectively. In addition, the partnership agreement specified an income-sharing ratio of 3:2. The two partners withdrew amounts equal to their salary allowances.