Exercise 12-04 a-b (Video) McGill and Smyth have capital balances on January 1 of $42,000 and $38,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $16,000 for McGill and $10,000 for Smyth, (2) Interest at 11% on beginning capital balances, and (3) remaining income or loss to be shared 70% by McGilland 30% by Smyth (1) Prepare a schedule showing the distribution of net income, assuming net income is $83,000. (If an amount reduces the account balance then enter with a negative sign preceding the number or parenthesis, e.g. -15,000, (15,000).) DIVISION OF NET INCOME McGill Smyth Total Salary allowance 42,000 23,000 65,000 Interest allowance 16,000 13,000 39,000 Total salaries and interest 58,000 36,000 104,000 Remaining income / deficiency 52000 S2000 104.000 Total division of net income (2) Prepare a schedule showing the distribution of net income, assuming net income is $23,000. (If an amount reduces the account balance then enter with a negative sign preceding the number or parenthesis, e.g. - 15,000, (15,000).) 9 ? 1 ADOS 16 NEOB.wix] .0 CALCULATOR PRINTER VERSION BACK NEKTE (2) Prepare a schedule showing the distribution of net income, assuming net income is $23,000. (If an amount reduces the account balance then enter with a negative sign preceding the number or parenthesis, .g. -15,000, (15,000).) DIVISION OF NET INCOME McGIN Salary allowance Interest allowance Total salaries and interest Remaining income / deficiency Total division of net income LINK TO TEXT VIDEO SIMILAR Journalize the allocation of net income in each of the situations above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order presented in the previous part.) No. Account Titles and Explanation Debit Credit Ajo 96 @ WO N DO B. ] ?11.0 Journalize the allocation of net income in each of the situations above. (Credit account tities are automatically indented when amount is entered. Do not indent manually. Record entries in the order presented in the previous part.) No. Account Tities and Explanation Debit Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT SUBMIT ANSWER Question Attempts: 0 of 3 used SAVE FOR LATER ? IA 9-3 SON OB. 03