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Determine the amount of net income

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Question - Steve and Heather decided to form a partnership on April 1. Steve invested $60,000 and Heather invested $40,000. Net income for the fiscal year ended March 31 was $110,000. Each partner is to receive 10% on their original investment. Steve and Heather are to receive a salary allowance of $35,000 and $45,000, respectively. The remainder is to be divided as follows: 70% to Steve and 30% to Heather.

Determine the amount of net income that Steve and Heather would have received by filling in ALL blanks in the worksheet below.

Reference no: EM131692077

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