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Garcia and Henson formed a partnership on January 2, 2005 and agreed to share profits 90% and 10%, respectively. Garcia contributed capital of ?25,000. Henson contributed no capital but has a specialized expertise and manages the firm full time. There were no withdrawals during the year.
The partnership agreement provides for the following:
The partnership 2005 income statement as follows:
Revenues ? 96,450
Expenses (including salary, interest, and bonus) 49,700
Net income ? 46,750
Problem 1: What is Henson's 2005 bonus?
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