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How much of the partnerships net income should be allocated

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Question - On December 31, 2019, XYZ had revenues of $300,000 and expenses of $200,000. Partners X and Z work full-time, while Partner Y works part-time. According to the partnership agreement, states the following in regards to the division of profits and losses:

Profits and losses will be divided as follows: Partner X will receive a salary allowance of $40,000, Partner Y will receive a salary allowance of $20,000, and Partner Z will receive a salary allowance of $30,000. Any remaining profits/losses will then be divided according to time devoted to the business.

How much of the partnerships net income should be allocated to Partner X, Partner Y, and Partner Z?

Reference no: EM132526675

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