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Question
Paco and Kate invested $99,000 and $126,000, respectively, in a partnership they began one year ago. Assuming the partnership earned $120,000 during the current year; compute the share of the net income each partner should receive under each of these independent assumptions.
Paco's Share Kate's Share
1 The partnership contract
specifies salary allowances of
$45,000 to Paco and $60,000 to
Kate, and any balance shared
equally.. $ $
2 The partnership contract
specifies salary allowances of
$45,000 to Paco and $60,000 to
Kate, interest allowance of 10%
on the partners beginning year
capital balance and any $__________ $
balance shared equally
Answer
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Related questions
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