Reference no: EM132385611
Question
Jan, Pat, and Misa are partners in South Central Company. The partnership agreement states that Jan is to receive 8% interest on his capital balance at the beginning of the year, Pat is to receive a salary of $200,000 a year, and Misa will be paid interest of 6% on his average capital balance during the year.
Jan, Pat, and Misa will share any income or loss after salary and interest in a 5:3:2 ratio. Jan's capital balance at the beginning of the year was $1,200,000, and Misa's average capital balance for the year was $1,440,000.
REQUIRED
Determine each partner's share of income and losses under the following conditions. In each case, the income or loss is stated before the distribution of salary and interest.
Income was $1,090,400.
Income was $311.200 .
Check Figure: Jan income:$60,400 ; Pat income:$178,640 ; Misa income: $72,160
The loss was $113,600
Can you breakdown how to get each of the income and the income loss?
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