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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 $44,000 and $47,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $15,000 for McGill and $12,000 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.

Required -

(1) Prepare a schedule showing the distribution of net income, assuming net income is $65,000.

(2) Prepare a schedule showing the distribution of net income, assuming net income is $22,000.

Reference no: EM132626664

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