The Fig & Olive Co. reports net income of $25,100. Interest allowances are Fig $3,400 and Olive $6,200; partner salary allowances are Fig $18,300 and Olive $10,300 and the remainder is shared equally. Indicate the division of net income to each partner. (If an amount reduces the account balance then enter with a negative sign preceding the number eg.-15,000 or parentheses eg. (15,000).J Salary allowance Interest allowance on partners' capital Total salaries and interest Remaining income Total division of net income $ Fig Account Titles and Explanation Division of Net Income $ Debit Olive Prepare the entry to distribute the net income. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) $ Credit Total
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- Oriole Co. reports net income of $53,000. Partner salary allowances are Pitts $17,000, Filbert $6,000, and Witten $8,000. Indicate the division of net income to each partner, assuming the income ratio is 55:22:23, respectively. Salary allowance Remaining income Total division of net income $ $ Pitts $ $ Division of Net Income Filbert $ $ Witten $ $ TotalOriole Co. reports net income of $53,000. Partner salary allowances are Pitts $17,000, Filbert $6,000, and Witten $8,000. Indicate the division of net income to each partner, assuming the income ratio is 55: 22:23, respectively. Salary allowance Remaining income Total division of net income LA Pitts $ $ Division of Net Income Filbert $ $ Witten to $ $ CA TotalWildhorse Co. reports net income of $62,000. Partner salary allowances are Pitts $17,000, Filbert $6,000, and Witten $4,000. Indicate the division of net income to each partner, assuming the income ratio is 56:27:17. respectively. Salary allowance Remaining income Total division of net income $ $ Pitts $ S Division of Net Income Filbert S Witten S S Tot:
- Carla Vista Co. reports net income of $67,000. Partner salary allowances are Pitts $12,000, Filbert $8,000, and Witten $4,000. Indicate the remaining income and division of net income to each partner, assuming the income ratio is 56 : 20 : 24, respectively.SDT Co. reports net income of $55,000. Partner salary allowances are Sweet $15,000, Drinian $5,000, and Tavros $5,000. Indicate the division of net income to each partner, assuming the income ratio is 50 : 30 : 20, respectively.The following information relates to partner for the year ended 29 February 2020: Current account credit balance on 29 February 2020 20 000 Profit share 50 000 Salaries 180 000 Interest on capital 24 000 Drawings 220 000 Interest on drawings 2 000 What is the balance in the Current account of the partner on 01 March 2019? OA. R12 000 DR. B. R116 00O DR OC. R52 000 CR D. R12 000 CR S Type here to search
- Partners R and S receive a salary allowance of P3,000 and P7,000, respectively, and share the remainder equally. If the company earned P4,000 during the period, the entry to close the income or loss into their capital accounts is: a. Income Summary R, Capital S, Capital b. Income Summary S, Capital c. Income Summary R, Capital S, Capital d. Income Summary R, Capital S, Capital Ο Ο Ο Ο O A O D 10,000 4,000 14,000 6,000 3,000 7,000 4,000 7,000 7,000 3,000 3,000The following information relates to partner for the year ended 29 February 2020: Current account credit balance on 29 February 2020 20 000 Profit share 50 000 Salaries 180 000 Interest on capital 24 000 Drawings 220 000 Interest on drawings 2 000 What is the balance in the Current account of the partner on 01 March 2019? A. R12 000 DR O B. R116 000 DR OC. R52 000 CR O D. R12 000 CRThe partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a $10,000 salary and Brook receives a $15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: If an amount is zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) A. $50,000 Tatum Brook Total Salaries Remaining income allocation Total division of income $4 $4 B. $25,000 Tatum Brook Total Salaries Remaining income allocation Total division of income $4 C. S(5,000) Tatum Brook Total Salaries Remaining income allocation Total division of income 5. $1 Prepare the journal entries to show the resulting each partner's capital account. Tatum's capital account balance is $60,000 and Brook's is $70,000. If an amount box does not require an entry, leave it blank. %24 %24 %24 %24
- Coburn (beginning capital, $60,000) and Webb (beginning capital $86,000) are partners. During 2022, the partnership earned net income of $74,000, and Coburn made drawings of $20,000 while Webb made drawings of $22,000.3) The accounting entry for charging interest on drawings to each partners will be: a. Dr: Interest on drawing account RO 270 Cr: Mazin's capital account RO 135 Cr: Mansoor's capital account RO 90 Cr: Malik's capital account RO 45 b. Dr: Mazin's capital account RO 270 Dr: Mansoor's capital account RO 180 Dr: Malik's capital account RO 90 Cr: Interest on drawings account RO 540 c. Dr: Mazin's capital account RO 135 Dr: Mansoor's capital account RO 90 Dr: Malik's capital account RO 45 Cr: Interest on drawings account RO 270 d. Dr: Mazin's capital account RO 270 Dr: Mansoor's capital account RO 180 Dr: Malik's capital account RO 90 Cr: Profit and loss account RO 540Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Robert, Noble, and Finn, respectively. Cash Assets $50400 Accounts receivable 133000 Inventory O $286740. O $311100. O $204000. O $520500. 437900 $621300 Liabilities and Owner's Equity. Accounts payable $125200 Robert, Capital Noble, Capital Finn, Capital 137400 47600 311100 $621300 Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $510000. The amount of cash that would ultimately be distributed to Finn would be