Harris Davis Co. reports net income of $120,000. The income ratios are Harris 70% and Davis 30%. Indicate the division of net income to each partner, and prepare the entry to distribute the net income.
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- Carla Vista Co. reports net income of $67,000. Partner salary allowances are Pitts $12,000, Filbert $8,000, and Witten $4,000. Indicate the remaining income and division of net income to each partner, assuming the income ratio is 56 : 20 : 24, respectively.Wildhorse Co. reports net income of $62,000. Partner salary allowances are Pitts $17,000, Filbert $6,000, and Witten $4,000. Indicate the division of net income to each partner, assuming the income ratio is 56:27:17. respectively. Salary allowance Remaining income Total division of net income $ $ Pitts $ S Division of Net Income Filbert S Witten S S Tot:SDT Co. reports net income of $55,000. Partner salary allowances are Sweet $15,000, Drinian $5,000, and Tavros $5,000. Indicate the division of net income to each partner, assuming the income ratio is 50 : 30 : 20, respectively.
- Oriole Co. reports net income of $53,000. Partner salary allowances are Pitts $17,000, Filbert $6,000, and Witten $8,000. Indicate the division of net income to each partner, assuming the income ratio is 55:22:23, respectively. Salary allowance Remaining income Total division of net income $ $ Pitts $ $ Division of Net Income Filbert $ $ Witten $ $ TotalOriole Co. reports net income of $53,000. Partner salary allowances are Pitts $17,000, Filbert $6,000, and Witten $8,000. Indicate the division of net income to each partner, assuming the income ratio is 55: 22:23, respectively. Salary allowance Remaining income Total division of net income LA Pitts $ $ Division of Net Income Filbert $ $ Witten to $ $ CA TotalPFW Co. reports net income of €45,000. Partner salary allowances are Pitts €15,000, Filbert €5,000, and Witten €5,000. Indicate the division of net income to each partner, assuming the income ratio is 50:30:20, respectively.
- The Fig & Olive Co. reports net income of $25,100. Interest allowances are Fig $3,400 and Olive $6,200; partner salary allowances are Fig $18,300 and Olive $10,300 and the remainder is shared equally. Indicate the division of net income to each partner. (If an amount reduces the account balance then enter with a negative sign preceding the number eg.-15,000 or parentheses eg. (15,000).J Salary allowance Interest allowance on partners' capital Total salaries and interest Remaining income Total division of net income $ Fig Account Titles and Explanation Division of Net Income $ Debit Olive Prepare the entry to distribute the net income. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) $ Credit Totali need the answer quicklyThe ledger of Tyler Lambert and Jayla Yost, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 20Y3: Lambert and Yost Trial Balance December 31, 20Y3 Debit Balances Credit Balances Cash 34,000 Accounts Receivable 47,800 Supplies 2,000 Land 120,000 Building Accumulated Depreciation-Building Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Salaries Payable Tyler Lambert, Capital Tyler Lambert, Drawing Jayla Yost, Capital Jayla Yost, Drawing 157,500 67,200 63,600 21,700 27,900 5,100 135,000 50,000 88,000 60,000 Professional Fees 395,300 Salary Expense Depreciation Expense-Building 154,500 15,700 Property Tax Expense 12,000 Heating and Lighting Expense Supplies Expense Depreciation Expense-Office Equipment Miscellaneous Expense 8,500 6,000 5,000 3,600 740,200 740,200 The balance in Yost's capital account includes an additional investment of $10,000 made on April 10, 2OY3. (Continued)
