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Determine each partner share given a first-year net income

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Question - Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $50,000 to Ramer and $40,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally.

Required -

1. Determine each partner's share given a first-year net income of $98,800.

2. Determine each partner's share given a first-year net loss of $16,800.

Reference no: EM132846310

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