Oriole Co. reports net income of $53,000. Partner salary allowances are Pitts $17,000, Filbert $6,000, and...

Transcribed Image Text:

Oriole Co. reports net income of $53,000. Partner salary allowances are Pitts $17,000, Filbert $6,000, and Witten $8,000. Indicate the division of net income to each partner, assuming the income ratio is 55:22:23, respectively. Salary allowance Remaining income Total division of net income Pitts Division of Net Income Filbert Witten $ $ +A $ $ LA $ $ CA Total Oriole Co. reports net income of $53,000. Partner salary allowances are Pitts $17,000, Filbert $6,000, and Witten $8,000. Indicate the division of net income to each partner, assuming the income ratio is 55:22:23, respectively. Salary allowance Remaining income Total division of net income Pitts Division of Net Income Filbert Witten $ $ +A $ $ LA $ $ CA Total

Answer rating: 100% (QA)

To determine the division of net income to each partner we need to calcu... View the full answer