At the end of its first year of operations on December 31, 2022, Caria Vista...
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Accounting
At the end of its first year of operations on December 31, 2022, Caria Vista Company's accounts show the following. The capital balance represents each partner's initlal capital investment. Therefore. net income or net loss for 2022 has not been closed to the partners' capital accounts. (a) - Your answer is partialiy correct. Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually). 1. Net incoine is $28,800. Income is thared 6:3:1. 2. Net income is $38,400. Niensted and Bolen are given alay allowances of $14,400 and $9,600, reipectively. The remainder is shared equally. 3. Net income is $18.240. Each partiner a allowed interest of 10% on beginniug capital balances. Niensted is given a 514.400 sidary allowance. The remainder is shared equally. (Creale account thies are artomoticoily hidented when amount is entered, Do not indent monecily) 1. Net income is $28,800. Income is shared 6:3:1. 2. Net income is $38,400. Niensted and Bolen are glven salary allowances of $14,400 and $9,600, respectively. The remainder is shared equally. 3. Net income is $18,240. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14.400 salary allowance. The remainder is shared equally
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