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Sandhill Co.reports net income of $71,000. Partner salary allowances are Pitts $18,000. Filbert $5,000, and Witten $8,000. Indicate the division of net income to each
Sandhill Co.reports net income of $71,000. Partner salary allowances are Pitts $18,000. Filbert $5,000, and Witten $8,000. Indicate the division of net income to each partner, assuming the income ratio is 57:24:19, respectively. Division of Net Income Filbert Pitts Witten Total Salary allowance $ $ $ Remaining income Total division of net income $ $ $ Nabb & Fry Co.reports net income of $30,000. Interest allowances are Nabb $5,700 and Fry $5,600, salary allowances are Nabb $15,000 and Fry $10,300, and the remainder is shared equally. Show the distribution of income. (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 Nabb Fry Total Salary allowance $ $ $ Interest allowance Remaining excess/deficiency Total division of net income $ $ $
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