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Brief Exercise 12-04 Pharoah Co. reports net income of $73,000. Partner salary allowances are Pitts $11,000, Filbert $8,000, and Witten $6,000. Indicate the division of

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Brief Exercise 12-04 Pharoah Co. reports net income of $73,000. Partner salary allowances are Pitts $11,000, Filbert $8,000, and Witten $6,000. Indicate the division of net income to each partner, assuming the income ratio is 55 : 26 : 19, respectively. Division of Net Income Pitts Filbert Witten Total Salary allowance Remaining income Total division of net income

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