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Ramona stolton and jerry bright are partners in a business

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Ramona Stolton and Jerry Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $30,000 and that Bright should receive a $40,000 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner's share of the current year's net income of $104,000.


Stolton Bright Total
Net income

$   
Salary allowances


Stolton $

Bright
$
Total salary allowances

  
Balance of income

  
Balance allocated equally


Stolton

Bright

Total allocated equally

  
Balance of income

 

 

$   
Shares of the partners

$

$


Reference no: EM13586406

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