Desmond drury and ty wilkins have decided to form a

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Desmond Drury and Ty Wilkins have decided to form a partnership. They have agreed that Drury is to invest $34,800 and that Wilkins is to invest $52,200. Drury is to devote full time to the business, and Wilkins is to devote one-half time. The following plans for the division of income are being considered: Equal division. In the ratio of original investments. In the ratio of time devoted to the business. Interest of 10% on original investments and the remainder in the ratio of 3:2. Interest of 10% on original investments, salary allowances of $59,200 to Drury and $29,600 to Wilkins, and the remainder equally. Plan (e), except that Wilkins is also to be allowed a bonus equal to 20% of the amount by which net income exceeds the total salary allowances. For each plan, determine the division of the net income under each of the following assumptions: (1) net income of $261,000 and (2) net income of $114,900. (1) Net income of(2) Net income of $261,000$114,900Plan Drury Wilkins Drury Wilkins

Reference no: EM13578987

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