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Calculate the amount that each partner will receive

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Problem - Burns and Smithers open a consulting business and set out the following provisions for dividing profits and losses: Burns' salary will be $40 000 and Smithers' salary will be $30 000. They will receive 10% interest on their Capital account balances of $80 000 (Burns) and $60 000 (Smithers). Any remainder is to be divided equally.

Calculate the amount that each partner will receive in each of the following situations:

a) Net Income of $136 000.

b) Net Income of $77 000.

c) Net Loss of $15 000.

Reference no: EM132972271

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