Answer:
The share of bill net income is $24,857
Explanation:
The computation of the share of bill net income is shown below:
Given that
Profit sharing ratio of Bill and BOb is 6 : 1
And, the net income of the firm is $29,000
So, the share of bill net income is
= Net income × bill share
= $29,000 × 6 ÷ 7
= $24,857
Hence, the share of bill net income is $24,857
We simply applied the above formula so that the correct value could come
And, the same is to be considered
