Solution-What was rafael total share of net income

What was rafael total share of net income

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Reference no: EM133000736

Aníbal, Rafael and Marisela formed a partnership on January 1, 2020, with investments of $ 100,000, $ 150,000 and $ 200,000, respectively.

For the division of income, they agreed to the following:

(1) an interest of 10% of the beginning balance of the principal each year,

(2) an annual "salary" compensation of $ 10,000 to Becker, and

(3) share the rest of the income or loss in a proportion of 20% for Aníbal, 40% for Rafael and 40% for Marisela.

The company's net income was $ 150,000 in 2020 and $ 180,000 in 2021. Each member withdrew $ 1,000 for personal use each month for both years.

Problem 1: What was Rafael's total share of net income for 2021?

Reference no: EM133000736

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What was rafael total share of net income

Reference no: EM133000736

Reference no: EM133000736

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