Ramer and Knox began a partnership by investing $ and $ respectively. During its first year, the partnership earned $ Prepare calculations showing how the $ income is allocated under each separate plan for sharing income and loss.
The partners agreed to share income by giving a $ per year salary allowance to Ramer, a $ per year salary allowance to Knox, interest on their initial capital investments, and the remaining balance shared equally. Net income is $
Note: Enter all allowances as positive values. Enter losses as negative values.
tableRamer,Knox,TotalNet Income,,,Salary allowances,,,Interest allowances,,,Total salary and interest,,,Balance of income,,,Balance allocated equally,,,Balance of income,,,Shares of the partners,$$
