Weygandt, Accounting Principles, 13e Help System Announcements CALCULATOR PRINTER VERSION 4 BACK NEXT Problem 12-02A a-c (Video) At the end of its first year of operations on December 31, 2020, Pharoah Company's accounts show the following. ASSIGNMENT RESOURCES Unit 6 Lab Assignment 116 Question 05 Question 08 E Brief Exercise 12-02 Brief Exercise 12-04 Exercise 12-01 Exercise 12-02 a-b (Video) Problem 12-01A 8-0 (Video) Problem 12-02A -C (Video) Problem 12-04A ab Problem 12-05A a-b Partner Art Niensted Greg Bolen Krista Sayler Drawings $22,600 13,800 10,200 Capital $42,100 35,500 25,000 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. To record the division of net income for the year 2020 under each of the following independent assumptions. 1. Net income is $29,800. Income is shared 6:3:1. 2. Net income is $40,200. Niensted and Bolen are given salary allowances of $14,800 and $10,400, respectively. The remainder is shared equally. 3. Net income is $18,000. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $13,740 salary allowance. The remainder is shared equally. Review Score Review Results by Study Objective Your answer is partially correct. Try again. 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 13740 0.00 0.00 13740 X X X Interest allowance on capital X x Total salaries and interest Remaining excess/ deficiency X Total division of net income LINK TO TEXT Your answer is partially correct. Try again. Journalize the entry to record the division of net income for the year 2020 under each of the above independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit x 1. Income Summary A. Niensted, Capital G. Bolen, Capital K. Sayler, Capital Income Summary Weygandt, Accounting Principles, 13e Help System Announcements CALCULATOR PRINTER VERSION