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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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Use the information given to fill out missing boxes correctly
Cullumber Company reported net income of $85,800. The partnership agreement provides for salaries of $21,300 to Miley and $18,500 to Guthrie. They divide the remainder 33% to Miley and 67% to Guthrie. (a1) Your answer is correct. Calculate division of net income. Miley Guthrie Division of net income 2$ 36480 24 49320
Transcribed Image Text:Cullumber Company reported net income of $85,800. The partnership agreement provides for salaries of $21,300 to Miley and $18,500 to Guthrie. They divide the remainder 33% to Miley and 67% to Guthrie. (a1) Your answer is correct. Calculate division of net income. Miley Guthrie Division of net income 2$ 36480 24 49320
(a2). Prepare the closing entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media
Transcribed Image Text:(a2). Prepare the closing entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media
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