Scott Mike and Brian are in a partnership together they have agreed to split profits in...

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Scott Mike and Brian are in a partnership together they have agreed to split profits in the following manner. a) paying a salary to each Scott Mike Brian 90,000.00 130,000.00 40,000.00 c) splitting the rest according to the following Percentages Scott Mike Brian 35% 40% 25% At the beginning of the year they had the following capital balances Scott Mike Brian 280,000 400,000 120,000 The partnership made a profit for the year of a) prepare the table to showing the changes in partners capital Net Income Salaries Remaining Distribute Remaining Share of Net Income Opening capital Total Scott Mike $60,000 Brian Closing Capital b) prepare the journal entry to distribute the profits amongst the partners on Dec. Date Description DR CR Scott Mike and Brian are in a partnership together they have agreed to split profits in the following manner. a) paying a salary to each Scott Mike Brian 90,000.00 130,000.00 40,000.00 c) splitting the rest according to the following Percentages Scott Mike Brian 35% 40% 25% At the beginning of the year they had the following capital balances Scott Mike Brian 280,000 400,000 120,000 The partnership made a profit for the year of a) prepare the table to showing the changes in partners capital Net Income Salaries Remaining Distribute Remaining Share of Net Income Opening capital Total Scott Mike $60,000 Brian Closing Capital b) prepare the journal entry to distribute the profits amongst the partners on Dec. Date Description DR CR