Weygandt, Accounting Principles, 12e End T me: 11:10 AM / Rernaining: 42 min. Br

Question

Weygandt, Accounting Principles, 12e End T me: 11:10 AM / Rernaining: 42 min. Brief Exercise 12-4 PFW Co. reports net income of $60,000. Partner salary allowances are Pitts $18,000, Filbert $3,100, and witten3,900. Indicate the dwson of partner, assuming the income ratio is 60 20 20, respectively Division of Net Income Pitts Filbert Witten Total Salary allowance Remaining income Total division of net income By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Question Attempts: 0 of 2 us

Explanation / Answer

Division of net income Pitts Filbert Witten Total Salary allowance 18000 3100 3900 25000 Remaining income 21000 7000 7000 35000 (60000-25000) @ 60:20:20 (35000*60/100) (35000*20/100) (35000*20/100) Total 39000 10100 10900 60000

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