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  3. net income is $24,000. income is shared 6:3:1. n

Net income is $24,000. Income is shared 6:3:1. Net income is $32,000. Niensted...

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Accounting

Net income is $24,000. Income is shared 6:3:1.
Net income is $32,000. Niensted and Bolen are given salary allowances of $12,000 and $8,000, respectiv remainder is shared equally.
Net income is $15,200. Each partner is allowed interest of 10% on beginning capital balances. Niensted is $12,000 salary allowance. The remainder is shared equally.
No. Account Titles and Explanation
Debit
Credit
1.
A. Niensted, Capital
2.
image

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