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Prepare schedule that show the division of first year profit

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Tanya invested $50,000 and Jill invested $40,000 in a partnership and agreed to share profit and losses by allowing a $29,000 annual salary allowance to Tanya and a $25,000 annual salary allowance to Jill. Each partner is also to receive a 10% return on their initial capital investments and the balance is to be divided equally. The partnership has first year profit of $55,000.

Instructions:

Problem 1: Prepare schedule that shows the division of the first year profit to each partner.

Reference no: EM132730735

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