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How much income was allocated to martha assuming net income

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Martha and Jones have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $20,000 for Martha and $12,000 for Jones, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by Martha and 40% by Jones.

Question A. How much income was allocated to Martha assuming net income was 36,000?

Question B. Determine Jones' ending capital balance assuming net income was 50,000?

Reference no: EM132466987

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