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What are their capital allocations

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Question - October 1, 2018 Austin, Bobby, Cory formed A, B, C partnership. Austin contributed $29,400; Bobby $42,000; and Cory $68,000. Austin will manage the store, bobby will operate 3/4 time, Cory not at all. Net income for the year ended September 30, 2019 is $94,000. The first $40,000 is allocated on the basis of relative partner capital balances. The next is based on services, with $20,000 going to Austin and $10,000 going to Bobby. Any remainder is shared equally. What are their capital allocations?

Reference no: EM132027754

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