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How much of the partnership profits is given to McGill

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Question - McGill, Smyth, and Coburn have given $30,000, $25,000, and $20,000 cash to the partnership respectively. The partnership income-sharing agreement provides for annual salaries of $22,000 for McGill, $13,000 for Smyth, and $11,000 for Coburn. They have interest at 10% on beginning capital balances, and remaining income or loss to be shared 60% by McGill, 30% by Smyth, and 10% by Coburn. Suppose the partnership earned $55,000 profit. How much of the partnership profits is given to McGill?

Reference no: EM132894586

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