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Prepare a schedule showing the distribution of net income

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Question - McGill and Smyth have capital balances on January 1 of $52,000 and $47,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $17,400 for McGill and $12,800 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth.

(1) Prepare a schedule showing the distribution of net income, assuming net income is $85,000.

(2) Prepare a schedule showing the distribution of net income, assuming net income is $29,400.

Journalize the allocation of net income in each of the situations above.

Reference no: EM131573196

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