Ramona stolton and jerry bright are partners in a business

Reference no: EM13600712

Ramona Stolton and Jerry Bright are partners in a business they staarted 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.

Reference no: EM13600712

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