Partners Eli and Alex have agreed to share profits and losses in an 80:20 ratio respectively,...
Partners Eli and Alex have agreed to share profits and losses in an 80:20 ratio respectively, after Eli is allowed a salary allowance of $70600 and Alex is allowed a salary allowance of $35100. If the partnership had net income of $70300 for 2020, Alex’s share of the income would be
Homework Answers
| Total Income of Partnership | $176000 |
| Profit share of Eli | $140800 |
| Profit share of Alex | $35200 |
| Net income of Partnership | $70300 |
| Profit share of Eli | $56240 |
| Profit share of Alex | $14060 |
| Calculation of Alex's share of Income | |
| Profit share of Alex | $14060 |
| Salary allowance of alex | $35100 |
| Alex's share of Income | $49160 |
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