Question
Frontenac Company reported net income of $80,000. The partnership agreement provides for salaries of $20,000 to Miley and $15,000 to Guthrie. They divide the remainder
Frontenac Company reported net income of $80,000. The partnership agreement provides for salaries of $20,000 to Miley and $15,000 to Guthrie. They divide the remainder 30% to Miley and 70% to Guthrie.
Calculate division of net income for Miley and Guthrie.
Prepare the closing entry.
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The Auditory Culture Reader
Authors: Michael Bull, Les Back
2nd Edition
1472569024, 978-1472569028
