Question
Oriole Co. reports net income of $59,000. Partner salary allowances are Pitts $15,000, Filbert $5,000, and Witten $6,000. Indicate the division of net income to
Oriole Co. reports net income of $59,000. Partner salary allowances are Pitts $15,000, Filbert $5,000, and Witten $6,000. Indicate the division of net income to each partner, assuming the income ratio is 56 : 26 : 18, respectively.
Division of Net Income | ||||||||
---|---|---|---|---|---|---|---|---|
Pitts | Filbert | Witten | Total | |||||
Salary allowance | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | ||||
Remaining income | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||
Total division of net income | $enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount |
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