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Calculate the amount to allocate to each partner

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Reference no: EM132557157

Question - A. Fulton, J. Read and R. Moore are partners who earn an annual salary of $50 000, $40 000 and $20 000 respectively, and earn 10% on their capital balances. They also have an income ratio of 40%:40%:20% respectively. Their capital balances are $70 000, $50 000 and $60 000 respectively. Calculate the amount to allocate to each partner and show the entry to allocate the net income or net loss, under the following unrelated situations:

(a) net income of $120 000.

(b) net loss of $30 000.

Reference no: EM132557157

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