Sheridan Co. reports net income of $72,000. Partner salary allowances are Pitts $13,000, Filbert $6,000, and Witten $5,000. Indicate the division of net income to each partner, assuming the income ratio is 55:22:23, respectively.
Division of Net Income
Pitts
Filbert
Witten
Total
Salary allowance
Remaining income
Total division of net income