Question
Cullumber Co. reports net income of $54,000. Partner salary allowances are Pitts $15,000, Filbert $7,000, and Witten $4,000. Indicate the division of net income to
Cullumber Co. reports net income of $54,000. Partner salary allowances are Pitts $15,000, Filbert $7,000, and Witten $4,000. Indicate the division of net income to each partner, assuming the income ratio is 55 : 20 : 25, respectively.
| Division of Net Income | ||||||||
| Pitts | Filbert | Witten | Total | |||||
| Salary allowance | $ | $ | $ | $ | ||||
| Remaining income | ||||||||
| Total division of net income | $ | $ | $ | $ | ||||
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Understanding And Auditing IT Systems Volume 1
Authors: Young-Woon Min
2nd Edition
978-1257124084
