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McGIll and Symth have capital balances on January 1 of $50,000 and $40,000 repsectively ....

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Accounting

McGIll and Symth have capital balances on January 1 of $50,000 and $40,000 repsectively . The partnership income sharing agreement provides for (1) annual salaries of $22,000 for Mcgill and $13,000 for smyth . (2) interest at 10% on beginning capital balances , and (3) remaining income or loss be shared 60% by Mcgill and 40% by Symth .

(a) Prepare a schdule showing the distrbution of net income is (1) $50,000 and (2) $36,000

(b) Journalize the allocation of net income in each of the situation above .

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