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tyler hawes and piper albright Formed a partnership, investing $216,000 and $144,000, respectively. Determine their participation in...

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Accounting

tyler hawes and piper albright Formed a partnership, investing$216,000 and $144,000, respectively.

Determine their participation in the year is net income of $420,000under each of the following independent assumptions:
a. no agreement concerning division of net income.
b. divided and the ratio of original capital investment.
c. interest at the rate of 15% allowed on original investmentsand the remainder divided in the ratio of 2:3
d. Salary allowances of $58,000 and $80,000, respectively, andthe balance divided equally
e. Allowance of interest at the rate of 50% on originalinvestment, salary allowances of $58,000 and $80,000, respectively,and the remainder divided equally.

Answer & Explanation Solved by verified expert
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Tyler Hawes Piper Albright Balance
a) If there is no agreement, the sharing of profits would be equal. $         2,10,000 $        2,10,000
b) Division in the ratio of investment of 3: 2 $         2,52,000 $        1,68,000
c) Interest at 15% on original invesment $            32,400 $            21,600 $     3,66,000
Balance in the ratio of 2:3 $         1,46,400 $        2,19,600
Total distributed $         1,78,800 $        2,41,200
d) Salary $            58,000 $            80,000 $     2,82,000
Balance divided equally $         1,41,000 $        1,41,000
Total distributed $         1,99,000 $        2,21,000
e) Interest at 50% on original invesment $         1,08,000 $            72,000 $     2,40,000
Salary $            58,000 $            80,000 $     1,02,000
Balance divided equally $            51,000 $            51,000
Total distributed $         2,17,000 $        2,03,000

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