Reference no: EM131290404
The Roe, Soh, and Tow Partnership earned $150,000 of net income for the year. The partnership agreement states the following regarding the allocation of net income:
Salary to Roe of $40,000; Salary to Soh of $60,000, Salary to Tow of $50,000
Interest on average capitals – the interest amounts are computed as $3,000 to Roe, $4,200 to Soh, and $4,800 to Tow.
Any remaining income is to be allocated 25 percent to Roe, 40 percent to Soh, and 35% to Tow.
Show the entry made to close income summary to partner capital.
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: The Roe, Soh, and Tow Partnership earned $150,000 of net income for the year. The partnership agreement states the following regarding the allocation of net income: Show the entry made to close income summary to partner capital.
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