Mavis and Roxanne are partners who share profits and losses equally. The partnership agreement provides that Mavis will be paid an annual salary of $54,000 and Roxanne will be paid an annual salary of $36,000. The salaries were paid to the partners during 2013 and were charged to the partners' drawing accounts. The Income Summary account has a debit balance of $10,000 after revenue and expense accounts are closed at the end of the year.
1. What amount of net income or loss will be allocated to Mavis?
2. What amount of net income or loss will be allocated to Roxanne?

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The Answer of Mavis and Roxanne are partners who share profits and losses equally. The partnership agreement provides that Mavis will be paid an annual salary of $54,000 and Roxanne will be paid an annual salary of $36,000. The salaries were paid to the partners during 2013 and were charged to the partners' drawing accounts. The Income Summary account has a debit balance of $10,000 after revenue and expense accounts are closed at the end of the year.
1. What amount of net income or loss will be allocated to Mavis?
2. What amount of net income or loss will be allocated to Roxanne?

Mavis and Roxanne Are Partners Who Share Profits and Losses