Question

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Tyler Hawes and Piper Albright formed a partnership, investing $217,500 and $72,500, respectively. Determine their participation in the year's net income of $270,000 under each of the following Independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. C. Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3 d. Salary allowances of $34,000 and $48,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 6% on original investments, salary allowances of $34,000 and $48,000, respectively, and the remainder divided equally. Hawes Albright (a) $135,000 $135,000 (b) $ 202,500 $ 67,500 $ 114,960 x $176,000 X $184,790 X 172,440 $ 176,000 (d) $184,790 Feedback Check My Work Set up a column for each partner and a total column. a. Determine the distribution of income and losses in the absence of a partnership agreement. Check My Work 1 more Check My Work uses remaining. Previous Next

Answer 1

c)

	Hawes	Albeight
Interest	13,050.00	4,350.00
Remaining	101,040.00	151,560.00
Total	114,090.00	155,910.00

d)

	Hawes	Albeight
Salary	34,000.00	48,000.00
Remaining	75,200.00	112,800.00
Total	109,200.00	160,800.00

e)

	Hawes	Albeight
Interest	13,050.00	4,350.00
Salary	34,000.00	48,000.00
Remaining	68,240.00	102,360.00
Total	115,290.00	154,710.00