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  3. tyler hawes and piper albright formed a partnershi

Tyler Hawes and Piper Albright formed a partnership, investing $192,000 and $96,000, respectively. Determine their...

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Accounting

Tyler Hawes and Piper Albright formed a partnership, investing $192,000 and $96,000, respectively.

Determine their participation in the year's net income of $420,000 under each of the following independent assumptions:

  1. No agreement concerning division of net income.
  2. Divided in the ratio of original capital investment.
  3. Interest at the rate of 10% allowed on original investments and the remainder divided in the ratio of 2:3.
  4. Salary allowances of $45,000 and $63,000, respectively, and the balance divided equally.
  5. Allowance of interest at the rate of 10% on original investments, salary allowances of $45,000 and $63,000, respectively, and the remainder divided equally.

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