Question
Frontenac Company reported net income of $81,800. The partnership agreement provides for salaries of $24,500 to Miley and $17,800 to Guthrie. They divide the remainder
Frontenac Company reported net income of $81,800. The partnership agreement provides for salaries of $24,500 to Miley and $17,800 to Guthrie. They divide the remainder 39% to Miley and 61% to Guthrie. Calculate division of net income. Prepare the closing entry.
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Financial Accounting
Authors: Walter B. Meigs, Robert F. Meigs, Mark Bettner, Ray Whittington
9th Edition
0070434360, 978-0070434363
