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Calculate the share of profit each partner should receive

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Reference no: EM132572045

Question 1: Gillian and Emily invested $90,000 and $130,000, respectively, in a partnership they began one year ago. Assuming the partnership's profit was $250,000 for this year, calculate the share of the profit each partner should receive under the following assumptions.

(1) The partnership agreement specifies a salary allowance of $50,000 to Gillian and $60,000 to Emily, and the balance shared equally.

(2) The partnership agreement specifies a salary allowance of $45,000 to Gillian and $60,000 to Emily, 10% interest on their investments, and the balance shared equally.

Reference no: EM132572045

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