Provide correct answer Riley Trent Co. reports a net income of $90,000.The income-sharing ratios are Riley 55% andTrent 45%. Indicate the division of net incometo each partner and prepare the journal entryto distribute the net income.

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Answered: Riley Trent Co. reports a net income of…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter23: Accounting For Partnerships

Section23.2: Distribution Of Net Income And Owners’ Equity Statements

Problem 1OYO

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Riley Trent Co. reports a net income of $90,000. The income-sharing ratios are Riley 55% and Trent 45%. Indicate the division of net income to each partner and prepare the journal entry to distribute the net income.