201 Fall 2020 - Test #4.pdf X + Hu/bbcswebdav/pid-1646091-dt-content-rid-11031227_1/courses/202009-92 0202020190 1 Huff and Doback formed...
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201 Fall 2020 - Test #4.pdf X + Hu/bbcswebdav/pid-1646091-dt-content-rid-11031227_1/courses/202009-92 0202020190 1 Huff and Doback formed a partnership with capital contributions of $120,000 and $180,000, respectively. Their partnership agreement called for both Huff and Doback to receive a $40,000 annual salary allowance. They also agreed to allow each partnera share of income equal to 10% of their initial capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is $80,000: Required (30 POINTS) A. What are Huff's and Doback's respective shares? B. What is the journal entry required to distribute the partner's share of income? PROBLEM 1 SOLUTION Huff & Doback Income Distribution ENTRY DR CR
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