Prepare a schedule of distribution of income sssumimg

Reference no: EM131957768

Problem

Peter Paul and Mary are partners. Their relationship agreement calls for distribution on income unto be done as follows: 1) Salaries for Peter and Mary are $10,000, $20,000, and $25,000 respectively. 2) 10% interest on all average capital balances. Peters capitals balancr was $100,000. Paul's was $40,000 and Mary's was $50,000. 3) the remainder was divided on a 2:1:1 ratio.

Prepare a schedule of the distribution of income assuming that net income was $110,000 in 2016.
Prepare a schedule of distribution of income sssumimg that there was a net loss of 30,000 in 2016.

Reference no: EM131957768

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