Question
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $116,000 and $174,000, respectively....
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Dividing Partnership Income
Tyler Hawes and Piper Albright formed a partnership, investing $116,000 and $174,000, respectively.
Determine their participation in the year's net income of $280,000 under each of the following independent assumptions:
- No agreement concerning division of net income.
- Divided in the ratio of original capital investment.
- Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3.
- Salary allowances of $40,000 and $46,000, respectively, and the balance divided equally.
- Allowance of interest at the rate of 6% on original investments, salary allowances of $40,000 and $46,000, respectively, and the remainder divided equally.
Hawes Albright (a) $ $ (b) $ $ (c) $ $ (d) $ $ (e) $ $
Answers
for formulas and calculations, refer to the image below -
In case you have any query, kindly ask in comments.
B3 A B C D E | ovou AwN (a) (b) (c) (d) (e) Hawes $ 140,000 $ 112,000 $ 112,000 $ 137,000 $ 135,260 Albright $ 140,000 $ 168,000 $ 168,000 $ 143,000 $ 144,740А в D Hawes Albright (a) |=280000/2 = 280000/2 |(b) =280000* 116000/(116000+174000) = 280000*174000/(116000+174000) (c) =116000*6%+((280000-17400)*2/5) = 174000*6%+((280000-17400)*3/5) (d) -40000+((280000-86000)/2) =46000+((280000-86000)/2) (e) =(116000*6%)+40000+((280000-103400)/2) =(174000*6%)+46000+((280000-103400)/2)
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