Question
Assume the partnership income-sharing agreement calls for income to be divided with a salary of $31,000 to Coburn and $22,000 to Webb, with the remainder
Assume the partnership income-sharing agreement calls for income to be divided with a salary of $31,000 to Coburn and $22,000 to Webb, with the remainder divided 45% to Coburn and 55% to Webb. Prepare the journal entry to record the allocation of net income.
Net income is 72000
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Bank Management Text And Cases
Authors: George H. Hempel, Alan B. Coleman, Donald G. Simonson
3rd Edition
0471621781, 978-0471621782
