Net income for Costmore Sales for the year ended December 31, 2019, was $86,000.
The partners, Johnson and Lindstrom, share profits in the ratio of 60/40, respectively. The balance in Johnson's capital account is $60,000. The balance in Lindstrom's capital account is
$60,000.
1. How much of the net income will be allocated to Johnson?
2. How much of the net income will be allocated to Lindstrom?

Question

Quizplus · Accepted Answer

The Answer of Net income for Costmore Sales for the year ended December 31, 2019, was $86,000.
The partners, Johnson and Lindstrom, share profits in the ratio of 60/40, respectively. The balance in Johnson's capital account is $60,000. The balance in Lindstrom's capital account is
$60,000.
1. How much of the net income will be allocated to Johnson?
2. How much of the net income will be allocated to Lindstrom?

Net Income for Costmore Sales for the Year Ended December