Use the information supplied in Exercise 11-8 for Ben Bowman and Savannah Mapes. a. Determine the division

Question:

Use the information supplied in Exercise 11-8 for Ben Bowman and Savannah Mapes.
a. Determine the division of $100,000 net income for the year.
b. Provide journal entries to close (1) the income summary and (2) the withdrawals
accounts for the two partners.
In Exercise 11-8
Ben Bowman and Savannah Mapes formed a limited liability with a partner- ship agreement that provided a salary allowance of $75,000 and $60,000 to each partner, respectively. In addition, the agreement specified an income-sharing ratio of 3:2. The two partners withdrew amounts equal to their salary allowances.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...