Business, 18.06.2020 01:57 maxi12312345

Sara King and Ray Lee are copartners in Kingslee Company. The partnership agreement provides for (1) salary allowances of $6,000 to King and $4,000 to Lee, (2) interest allowances of 10% on capital balances at the beginning of the year, and (3) dividing the remainder equally. Capital balances on January 1 were King $30,000, and Lee $20,000. In 2017, partnership net income is $20,000. The division of net income to Sara King partner. A. Prepare a schedule showing the distribution of net income.
B. Journalize the allocation of net income.

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Sara King and Ray Lee are copartners in Kingslee Company. The partnership agreement provides for (1)...