Net income is $$17,480.$ Each partner is allowed interest of $10\%$ on beginning capital balances. Niensted is given a $$13,800$ salary allowance. The remainder is shared equally.

No$.$ Account Titles and Explanation

Debit

Credit

$$ Income Summary $$

$27600$

A$.$ Niensted, Capital $$

$$

$$

$$

$$

$8280$

$$

$4$

$\backslash$table$[[2760]]$

$$

$$

$$

$$

$$

$18400$

$q,$

$$

$13800$

$$

$$

$44600$

$3.$

$$

$$

$$

$$

$16284$

$$

$$

$$

$$ K$.$ Sayler, Capital $$

$\backslash$table$[[368]]$

eTextbook and Media

Attempts: $1$ of $5$ used

$($b$)$

Your answer is partially correct.

Prepare a schedule showing the division of net income under assumption $(3)$ above. $($If an amount reduces the account balance then enter with a negative sign preceding the number e$.$g$.-15,000$ or parenthesis e$.$g$.(15,000).)$