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Make schedule showing the distribution of net income

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Question - McGill and Smyth have capital balances on January 1 of $55,000 and $45,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $21,000 for McGill and $13,000 for Smyth, (2) interest at 11% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth.

Required - Make schedule showing the distribution of net income, assuming net income is $77,000?

Reference no: EM132638222

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