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Prepare the closing entry for the miley and guthrie

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Pharoah Company reported a net income of $97,900. The partnership agreement provides for salaries of $21,500 to Miley and $19,400 to Guthrie. They divide the remainder 37% to Miley and 63% to Guthrie.

Problem 1: Calculate the division of net income.

Miley Guthrie

Division of net income $ $

Problem 2: Prepare the closing entry for the Miley and Guthrie

Reference no: EM132730793

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