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Allowance of interest at the rate of 5 on original

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Nicole Murphy and Ashley Drake formed a partnership, investing $270,000 and $90,000, respectively.

Determine their participation in the year's net income of $350,000 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 5% allowed on original investments and the remainder divided in the ratio of 2:3.

d. Salary allowances of $40,000 and $50,000, respectively, and the balance divided equally.

e. Allowance of interest at the rate of 5% on original investments, salary allowances of $40,000 and $50,000, respectively, and the remainder divided equally.

Reference no: EM13570208

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