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Ramer and Knox began a partnership by investing $75,000 and $105,000, respectively. The partners agreed...

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Accounting

Ramer and Knox began a partnership by investing $75,000 and $105,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $57,500 to Ramer and $46,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally.
Note: Enter all allowances as positive values. Enter losses as negative values.
Required:
Determine each partner's share given a first-year net income of $113,800.
Determine each partner's share given a first-year net loss of $31,800.
Complete this question by entering your answers in the tabs below.
Required 1
Determine each partner's share given a first-year net income of $113,800.
\table[[Allocation of Partnership Income],[,,mer,,inox,Total],[Net Income (loss),,,,,$,113,800],[Salary allowances,$,57,500,$,46,000,,103,500],[Balance of income (loss),,],[Interest allowances,,7,500,,10,500,,18,000],[Balance of income (loss),,],[Balance allocated equally,,,,0],[Balance of income (loss),,,,],[Shares of the partners,,,,,,]]
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