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What is the division of net income

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Question - McCaffrey and Levin have capital balances on January 1 of $50,000 and $35,000, respectively. The partnership-income sharing agreement provides for (1) annual salaries of $15,000 for McCaffrey and $10,000 for Levin, (2) interest at 5% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McCaffrey and 40% by Levin.

A schedule showing the distribution of net income, assuming net income is $55,000. (The Division of Net Income Schedule must be submitted to receive full credit.)

Required - What is the division of net income?

Reference no: EM132729117

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