Business, 05.05.2021 03:40 LilFabeOMM8397

McGill and Smyth have capital balances on January 1 of $60,000 and $48,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $16,000 for McGill and $20,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. Required:
a. Prepare a schedule showing the distribution Of net income, assuming net income is $67,000.
b. Prepare a schedule showing the distribution of net income, assuming net income is $24,000.

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McGill and Smyth have capital balances on January 1 of $60,000 and $48,000, respectively. The partne...

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