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CALCULATOR PRINTER VERSION BACK NEXT RESOURCES At the end of its first year of operations on December 31, 2020, Wildhorse Company's accounts show the following. 1 - Part 2 Partner Drawings Capital Art Niensted $22,800 $46,600 Greg Bolen 13,700 36,500 Krista Sayler 12,000 23,500 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2020 has not been closed to the partners' capital accounts. Its by Study To record the division of net income for the year 2020 under each of the following independent assumptions. 1. Net income is $28,000. Income is shared 6:3:1. 2. Net income is $39,000. Niensted and Bolen are given salary allowances of $15,200 and $10,300, respectively. The remainder is shared equally. 3. Net income is $18,700. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14,040 salary allowance. The remainder is shared equally. (a) 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).) DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler Total Salary allowance $ Interest allowance on capital Total salaries and interest pent | Privacy Policy | @ 2000-2019 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley &