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Question in accounting?

The Levin and Motes partnership reports net income of $55,000. partner salary allowances are Levin $20,000 and Motes $15,000. No intrest allowance will be used. Any remaining income is shared 70:30 ratio.

A. Determine the amount of net income allocated to each partner: I have this
Levin Motes Total
Salary allowance 20,000 15,000 35,000
Intrest allowance 0 0 0

Total Salaries and Intrest 20,000 15,000 35,000
Remaining:
Levin
Motes
Total Division of Income

b. Prepare the General Journal entry (wo explanation) to close the income Summary Account into partnership equity accounts

I have this:

Dec 31 Motes, Capital
Motes, Drawing

Levin, Capital
Levin, Drawing


any ideas?
鈥?2 months ago

This doesn't make much sense.
You've got the wrong figures from somewhere.

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