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 S.Wiborg and $18,000 to G. Murphy. They divide the remainder 40% to Wiborg and 60% to Murphy. S.Wiborg asks your help to divide the net income between the partners and to prepare the closing entry.
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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The division of net income is as follows S Wiborg G Murphy Total Salary al...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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