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Indicate the division of net income to each partner.

Indicate the division of net income to each partner.

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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Using Excel to Divide Income With a Salary Allowance and Fixed Ratios PROBLEM PFW Co. allows salary allowances to its partners. It reports the following net income and provides the following income $ Net income for year Salary allowance for Pitts Salary allowance for Filbert Salary allowance for Witten Income ratio - Pitts Income ratio - Filbert Income ratio - Witten 45,000 15,000 5,000 5,000 50% 30% 20% Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references or the SUM function to the Problem or work area as indicated. Indicate the division of net income to each partner. Division of Net Income Pitts Filbert Net income Salary allowance Pitts Filbert Witten Remaining net income Fixed ratio Pitts Filbert Witten Total division of net income Witten Total $ 45,000
Transcribed Image Text:Using Excel to Divide Income With a Salary Allowance and Fixed Ratios PROBLEM PFW Co. allows salary allowances to its partners. It reports the following net income and provides the following income $ Net income for year Salary allowance for Pitts Salary allowance for Filbert Salary allowance for Witten Income ratio - Pitts Income ratio - Filbert Income ratio - Witten 45,000 15,000 5,000 5,000 50% 30% 20% Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references or the SUM function to the Problem or work area as indicated. Indicate the division of net income to each partner. Division of Net Income Pitts Filbert Net income Salary allowance Pitts Filbert Witten Remaining net income Fixed ratio Pitts Filbert Witten Total division of net income Witten Total $ 45,000
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