Lee May Company reports net income of $57,000. The partnership agreement provides for salaries of $15,000 to L. Lee and $12,000 to R. May. They will share the remainder on a 60:40 basis (60% to Lee). L. Lee asks your help to divide the net income between the partners and to prepare the closing entry.
Compute net income exclusive of any salaries to partners and interest on partners’ capital.
Deduct salaries to partners from net income.
Apply the partners’ income ratios to the remaining net income.
Prepare the closing entry distributing net income or net loss among the partners’ capital accounts.
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