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General Accounting Discussions: Preparing a portion of the division of net income on income statement

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    I have an accounting problem I need help on.If a company has a ratio where the partnership agreement is a 1:2:2 ratio.The business has a net incoome of $61,900.I need to prepare the portion of the income statement that reports the divisioon of net income from the above informatioon.I need to do this on a 3 column form.
    • CommentAuthorRDS
    • CommentTimeMay 31st 2008
     
    Net Income

    A = 12,380 (1/5 x 61,900)
    B = 24,760 (2/5 x 61,900)
    C = 24,760 (2/5 x 61,900)

    RDS

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