Textbook LO 15.3 The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Magda receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit for the year is: $25,000. Prepare Journal Entry for the distribution of net income to partner's capital account Total Net Income to be distributed Profit sharing ratio Magda Sue Total
Textbook LO 15.3 The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Magda receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit for the year is: $25,000. Prepare Journal Entry for the distribution of net income to partner's capital account Total Net Income to be distributed Profit sharing ratio Magda Sue Total
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PB: The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a...
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Is there no profit sharing ratio for the net income distribution board?
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