h Using Excel to Divide Income With a Salary Allowanceand Fixed RatiosPROBLEMPFW Co. allows salary allowances to its partners. It reportsthe following net income and provides the following income$Net income for yearSalary allowance for PittsSalary allowance for FilbertSalary allowance for WittenIncome ratio - PittsIncome ratio - FilbertIncome ratio - Witten45,00015,0005,0005,00050%30%20%Student Work AreaRequired: Provide input into cells shaded in yellow in this template. Usemathematical formulas with cell references or the SUM function to the Problem orwork area as indicated.Indicate the division of net income to each partner.Division of Net IncomePittsFilbertNet incomeSalary allowancePittsFilbertWittenRemaining net incomeFixed ratioPittsFilbertWittenTotal division of net incomeWittenTotal$ 45,000

The ratio in which the net income or net loss is divided among the partners is agreed upon in the…

Answered: Indicate the division of net income to…

Business

Accounting

Indicate the division of net income to each partner.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter12: Liabilities: Off-balance-sheet Financing, Retirement Benefits, And Income Taxes

Section: Chapter Questions

Problem 25E

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Question

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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