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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 $67,000 and $97,000, respectively. The partners agreed to share net Income and loss by giving annual salary allowances of $53,500 to Ramer and $42,800 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 $105,800.

2. Determine each partner's share given a first-year net loss of $23,800.

Reference no: EM133137796

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