Ramona stolton and jerry bright are partners in a business

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Reference no: EM13586406

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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