The Penn & Teller Partnership reports revenue of 82,000 and expenses of 91,000. Partner salary allowances are
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Question:
The Penn & Teller Partnership reports revenue of 82,000 and expenses of 91,000. Partner salary allowances are Penn $30,000 and Teller $35,000; interest allowances are Penn $8,000 and Teller $4,000; and the remainder is shared 6:4.r
Requiredr
Prepare a detailed calculation of the division of net income/(loss) to each partner AND prepare the journal entry (a journal entry description is not required) to distribute the net income/(loss).r
Expert Answer:
Revenue 82000 Less Expenses 91000 Revenue Expenses 8200091000 Net Loss 9000 Division of Net Inc... View the full answer
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