In their partnership agreement justin sarah and betsy

Reference no: EM13567392

1: In their partnership agreement, Justin, Sarah, and Betsy agreed that Justin should receive a salary allowance of $35,000 per year and that Sarah should receive a salary allowance of $30,000 per year. Any remainder is divided equally among the three partners. How much should each partner's capital change if the partnership generates:

(a) Net income of $95,000

(b) Net income of $47,000

2: Larry, Mo, and Curly have agreed to allocate profits and losses as follow: 10 percent interest on beginning capital and the remainder allocated equally. The beginning capital amounts are Larry, $120,000; Mo, $60,000; and Curly, $80,000. How much should each partner's capital change if the partnership generates:

(a) Net income of $95,000

(b) Net income of $47,000

Reference no: EM13567392

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