Net income is $$27,600.$ Income is shared $6$:$3$:$1.$

Net income is $$36,800.$ Niensted and Bolen are given salary allowances of $$13,800$ and $$9,200,$ respectively. The remainder is shared equally.

Net income is $$17,480.$ Each partner is allowed interest of $10\%$ on beginning capital balances. Niensted is given a $$13,800$ salary allowance. The remainder is shared equally.

No$.$ Account Titles and Explanation

Debit

Credit

Income Summary

$27,600$

A$.$ Niensted, Capital

Income Summary

$36,800$

A$.$ Niensted, Capital

$$

$$

G$.$ Bolen, Capital hat$(AA)$

$$

$$

K$.$ Sayler, Capital

$$

$4,1$

$3.$

Income Summary

$17,480$

$q,$

$q,$

$$

G$.$ Bolen, Capital

K$.$ Sayler, Capital

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Solution

Attempts: $3$ of $3$ used

$($b$)$

Prepare a schedule showing the division of net income under assumption $(3)$ above. $($If an amount reduces the account balance then enter with a negative sign preceding the number e$.$g$.-15,000$ or