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  3. ramer and knox began a partnership by investing $6

Ramer and Knox began a partnership by investing $62,000 and $93,000, respectively. During its first...

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Accounting

Ramer and Knox began a partnership by investing $62,000 and $93,000, respectively. During its first year, the partnership earned $190,000. Prepare calculations showing how the $190,000 income is allocated under each separate plan for sharing income and loss.
3. The partners agreed to share income by giving a $56,000 per year salary allowance to Ramer, a $46,000 per year salary allowance to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $190,000.
Note: Enter all allowances as positive values. Enter losses as negative values.
\table[[,Ramer,Knox,Total],[Net Income,,,],[Salary allowances,,,0],[Interest allowances,,,],[Total salary and interest,,,],[Balance of income,,,],[Balance allocated equally,,,],[Balance of income,,,],[Shares of the partners,$,0,$
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