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Determine the amount of income for the year ended

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Q1. On February 14, 2020, Love, Kiss and Heart agreed to form a partnership and share profits in the ratio of 40:40:20. They also agreed that Heart shall receive a monthly salary of $5,000. If Heart receives $80,000 in the distribution of profits, determine the amount of income for the year ended December 31, 2020?

Q2. The collection of an account in the amount of $20,000 was recorded and posted in the books as a debit to cash and credit to Sales by $2,000. At what amount should the affected accounts be corrected?

Reference no: EM132789917

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