Unit 6 Homework

Question 1.a1-2

b

Question 1 of 2 -75 HII View Pics Current Attempt in Progress McGilland Smyth have capital balances on January 1 of 52.000 and $45.000, respectively. The partnership income sharine agreement provides for (1) annuel salaries of 5 15.000 for McGilland 511000 for Smyth (2) interest at 10% on beginning capita balances, and remaining income or loss to be shared on by Moland 409 by Smyth (a) (1) Prepare a schedule showing the distribution of net income, assuming net income is $80,000 of onomount reduces the account balance then enter with a negative sin preceding the number of parentheses -15,000. (15.000 DIVISION OF NET INCOME McGI Smyth Total Salary allowance Interest allowance Total salaries and interest Remaining income deficiency Total division of net income $ 121 Prepare a schedule showing the distribution of net income, assuming net income is $29.000.0f on amount reduces the account balance the enter with a native sin preceding the number or parenthesis -15,000. (15.000 DIVISION OF NET INCOME McG Smyth Total Salary allowance Interest allowance Total salaries and interest Remaining Income deficiency Total division of net income 5 eTextbook and Media Attempt of Sused Sub (b). Journalize the allocation of net income in each of the situations above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order presented in the previous part) No. Account Titles and Explanation Debit credite Credit 1.