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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 $51,000 and $41,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $15,000 for McGill and $16,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 70% by McGill and 30% by Smyth.

1) Prepare a schedule showing the distribution of net income, assuming net income is $70,000.

2) Prepare a schedule showing the distribution of net income, assuming net income is $21,000.

Reference no: EM132594607

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