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Posts Tagged ‘accounting income statement’


Accounting Income

How to record partnership reports (net income) Accounting Help!! (General Journal) need guidance!? The Levin and Motes partnership reports net income of $60,000. partner salary allowances are Levin $25,000 and Motes $20,000. No intrest allowance will be used. Any remaining income is shared 60:40 ratio. A. Determine the amount of net income allocated to each [...]

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