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0.63/1 The Fig & Olive Co. reports net income of $25,300. Interest allowances are Fig $3,700 and Olive $6,000, partner salary allowances are Fig
0.63/1 The Fig & Olive Co. reports net income of $25,300. Interest allowances are Fig $3,700 and Olive $6,000, partner salary allowances are Fig $18,400 and Olive $11,000 and the remainder is shared equally. Indicate the division of net income to each partner. If an amount reduces the account bolance then enter with a negative sign preceding the number eg.-15,000 or parentheses eg. (15,000))) Salary allowance Interest allowance on partners capital Total salaries and interest Division of Net Income Fig Olive $ 35400 11000 $ Remaining income Total division of net income $ 3700 6000 Total 29400 700 22100 17000 29100 6325 325 12650 15775 26450 Prepare the entry to distribute the net income (Credit account titles are automatically indented when the amount is entered. Do not indent manually List all debit entries before credit entries)
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