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Crane Company reported net income of $86,90O. The partnership agreement provides for salaries of $22,000 to Miley and $15,000 to Guthrie. They divide the remainder 35% to Miley and 65% to Guthrie. (a1)

Crane Company reported net income of $86,90O. The partnership agreement provides for salaries of $22,000 to Miley and $15,000 to Guthrie. They divide the remainder 35% to Miley and 65% to Guthrie. (a1)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer question completely part (a1) and (a2)
Crane Company reported net income of $86,900. The partnership agreement provides for salaries of $22,000 to Miley and $15,000 to Guthrie. They divide the remainder 35% to Miley and 65% to Guthrie. (a1) Calculate division of net income. Miley Guthrie Division of net income 2$ 24 Save for Later Attempts: 0 of 1 used Submit Answer (a2). Prepare the closing entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Transcribed Image Text:Crane Company reported net income of $86,900. The partnership agreement provides for salaries of $22,000 to Miley and $15,000 to Guthrie. They divide the remainder 35% to Miley and 65% to Guthrie. (a1) Calculate division of net income. Miley Guthrie Division of net income 2$ 24 Save for Later Attempts: 0 of 1 used Submit Answer (a2). Prepare the closing entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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