LeeMay Company reports net income of $57,000. The partnership agreement pro-vides for salaries of $15,000 to L. Lee and $12,000 to R. May. They will share the remainder on a 60:40 basis (60% to Lee). L. Lee asks your help to divide the net income between the partners and to prepare the closing entry.

Answer rating: 100% (QA)

Answer The division of net income is as follows L Lee R May Total Salary allowance ... View the full answer