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How much should be allocated to checker

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Question

Partners Acker, Becker & Checker have the following profit and loss agreement:

(1) Acker & Becker receive salaries of $40,000 each

(2) Checker gets a bonus of 10 percent of net income after salaries and bonus (the bonus is zero if salaries exhaust net income)

(3) Remaining profits are shared by Acker, Becker & Checker in the following ratios respectively: 3:4:3.

The partnership had a net income of $91,000. How much should be allocated to Checker?

Reference no: EM132319371

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