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Steve and heather decided to form a partnership on april 1

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Steve and Heather decided to form a partnership on april 1. steve invested 60,000 and heather invested $40,000,net income for the fiscal year ended march 31 was 110,000. each partner is to receive 10% on their original investment. steve and heatther are to receive a salary allowance of $35,000 and 45,000,respectively. the remainder is to be divided as follows:70% to steve and 30% to heather. determine the amount of net income that steve and heather would have received.

Reference no: EM13576695

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