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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
    Thankful People: kosovari05
    • CommentAuthorquinne
    • CommentTimeJan 17th 2010
     
    I have a question two partners agreed to share earnings or losses according to the ratio of their investments at the beginning of the year (30000 25000 and 45000 respectively) Calculate the partner share under the following conditions (a) 27000 net income (b) 24000 net loss
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    RDS You should clear your answer so that the other can understand it easily. Any ways thanks for the effort!

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