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Charlie and Lucy share profits and losses in a ratio of 2:3, respectively, after guaranteed...

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Accounting

Charlie and Lucy share profits and losses in a ratio of 2:3, respectively, after guaranteed payments (salary allowances), interest allowances and bonus allocations. Charlie and Lucy receive guaranteed payments (salary allowances) of $40,000 and $60,00, respectively, and both partners receive 10% interest based upon the balance in their capital accounts on January 1. Total net income for 2023 is $550,000. What amount of net income is allocated for 2023 to each of the partners, Charlie and Lucy's?" January 1 capital balances Charlie-$900,000 and Lucy-$700,000

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