Net income was 150000 in 2007 and 180000 in 2008 each

Reference no: EM13578306

Eagle, Franks and Gordon formed a partnership on January 1, 2007, with investments of $100,000, $150,000 and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Franks and (3) sharing the remainder of the income or loss in a ratio of 20% for Eagle and 40% each for Franks and Gordon. Net income was $150,000 in 2007 and $180,000 in 2008. Each partner withdrew $1,000 for personal use every month during 2007 and 2008.

What was Gordon's share of income for 2007?
What was Gordon's capital balance at the end of 2007?
What was Franks's share of income for 2007?

Reference no: EM13578306

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