Prepare a schedule showing the distribution of net income

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Mc gill and Smyth have capital balances on january 1 of $50,000 and $40,000, respectively . The partnership income sharing agreement provides for (1) annual salaries of $22,000 for mcvill and $13,000 for smyth (interest at 10% ohm beginning capital balances and (3) remaining income or loss to be shared 60% by mcgill and 40% by smyth . (a) prepare a schedule showing the distribution of net income assuming net income is (1) $50,000 (2) $36,000 (b) Journalize the allocation of net income in each of the situation above .

Reference no: EM131256223

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