1. Thompson and Smith Partnership earned a net income of $100,000 this period. The partnership agreement states to share profits in a ratio of 3 to 1 respectively. What is the amount of net income for each partner?

2. Thompson and Smith Partnership earned a net income of $100,000 this period. The partnership agreement states to share profits based on capital balances. If Mr. Thompson has capital of $10,000 and Mr. Smith has capital of $40,000, what is the amount of net income for each partner?

3. What is the journal entry for Mr. Smith and Mr. Thompson each withdrawing $1,000 from the business?