Business, 09.04.2021 03:50 sierravick123owr441
McGill and Smyth have capital balances on January 1 of $50,000 and $40,000 respectively . The partnership income sharing agreements provides for (1) annual salaries of $22,000 for Mcgill and $13,000 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 .
(a) Prepare a schedule showing the distribution of net income assuming net income is
(1) $50,000 and
(2) $ 36,000
(b) Journalize the allocation of net income in each of the situation above .
Answers: 2
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At the save the fish nonprofit organization, jenna is responsible for authorizing outgoing payments, rob takes care of recording the payments in the organization's computerized accounting system, and shannon reconciles the organization's bank statements each month. this internal accounting control is best known as a(n) a. distribution process. b. segregation of duties c. specialized budget d. annotated financial process
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McGill and Smyth have capital balances on January 1 of $50,000 and $40,000 respectively . The partne...
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