Answer to Question #103857 in Accounting for jenelle

Question

YissacharandZevulunPartnership’sfirstyeargeneratedanetincomeof$60,000.TheprofitsharingagreementprovidedthatYissachar would receive a salary allowance of $15,000, each partner would receive a 10% interest allowance on his capital balance (as calculated in question (1) above), and the remainder would be shared equally. Prepare a schedule of division of net income (5 points) and journalize the allocation of net income to each partner

Answer 1

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