Partners T. Evans and R. Meloy are provided salary allowances of $30,000 and $25,000, respectively. They divide

Question:

Partners T. Evans and R. Meloy are provided salary allowances of $30,000 and $25,000, respectively. They divide the remainder of the partnership income in a ratio of 3: 2. If partnership net income is $45,000, how much is allocated to Evans and Meloy?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...