Homework Answers
Answer : c. $28540
Solution :
Singer's share of income = Singer's salary + Singer's interest on his capital balance + Singer's share in remaining profits.
First, the remaining profits is calculated and then his share in remaining profits is calculated.
Statement showing calculations of remaining profits for partners :
| Singer | Mcmann | Total | |
| Income for the period | $60500 | ||
| (-) salary | $14400 | $19700 | ($34100) |
| (-) interest | $3730 | $5320 | ($9050) |
| Remaining income /profit for partners | $17350 |
Therefore,
Share of Singer in remaining profits = $17350 *3/5
= $10410.
Therefore,
Singer's share of income = $14400 + $3730 + $10410
= $28540
Note 1: calculations of interest on capital balances-
Singer interest = $37300×10% = $3730
Mcmann interest = $53200×10% = $5320
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