Villa America Company reported net income of $85,000. The partnership agreement provides for salaries of $25,000 to
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Villa America Company reported net income of $85,000. The partnership agreement provides for salaries of $25,000 to Kibra and $18,000 to Devrish. They divide the remainder 40% to Kibra and 60% to Devrish. Kibra asks your help to divide the net income between the partners and to prepare the closing entry.
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Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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