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Exercise 12-5(Static) Part 3 Income allocation in a partnership LO P2 3. The...

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Accounting

Exercise 12-5(Static) Part 3 Income allocation in a partnership LO P2
3. The partners agreed to share income by giving a $50,000 per year salary allowance to Ramer, a $40,000 per year salary allowance to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $160,000. Note: Enter all allowances as positive values. Enter losses as negative values.
\table[[,Ramer,,Knox,Total],[\table[[Net Income],[Salary allowances]]],[Salary allowances,$,50,000,$,40,000,90,000],[{
\table[[Interest allowances],[Total salary and interest],[Balance of income]]}],[Balance of income],[Balance allocated equally,,],[,,0],[\table[[Balance of income],[Shares of the partners]]],[Shares of the partners,50,000,$,40,000,]]
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