Answered: Ivanhoe Company reported net income of…

Ivanhoe Company reported net income of $93,300. The partnership agreement provides for salaries of $24,200 to Miley and $17,400 to Guthrie. They divide the remainder 30% to Miley and 70% to Guthrie.

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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Ivanhoe Company reported net income of $93,300. The partnership agreement provides for salaries of $24,200 to Miley and
$17,400 to Guthrie. They divide the remainder 30% to Miley and 70% to Guthrie.
(a1)
X Your answer is incorrect.
Calculate division of net income.
Miley
Guthrie
Division of net income
24
15510
%24
36190
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