Do It! Review 12-02 a1-a2 (Part Level Submission)

Pharoah Company reported a net income of $97,900. The partnership agreement provides for salaries of $21,500to Miley and $19,400to Guthrie. They divide the remainder37% to Miley and63% to Guthrie.

Calculate the division of net income.

Miley Guthrie

Division of net income $ $

Prepare the closing entry for the Miley and Guthrie

Accounts Title and Explanation Debit Credit