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What is cleary total share of net income

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Question - Cleary, Wasser, and Nolan formed a partnership on January 1, 2012, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser, and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net income was $150,000 in 2012 and $180,000 in 2013. Each partner withdrew $1,000 for personal use every month during 2012 and 2013.

What is Cleary's total share of net income for 2012?

What was Cleary's capital account balance at the end of 2013?

What was the amount of interest attributed to Wasser for 2013?

Reference no: EM132091096

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