Business, 15.11.2019 02:31 sonthatshannah

Rodgers and winter had capital balances of $60,000 and $90,000, respectively, at the beginning of the current fiscal year. the articles of partnership provide for salary allowances of $25,000 and $30,000, respectively; an allowance of interest at 12% on the capital balances at the beginning of the year; and the remaining net income divided equally. net income for the current year was $110,000.
a. present the division of net income section of the income statement for the current year.
net income $110,000

rodgers winter total

division of net income:
salary allowance $ $ $
interest allowance
total
net income $ $ $
b. assuming that the net income had been $65,000 instead of $110,000, present the division of net income section of the income statement for the current year.
net income $65,000

rodgers winter total
division of net income:
salary allowance $ $ $
interest allowance
total
net income $ $ $

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