Determine the income participation of Haskett and Humphrys according to each of the five assumptions as to income division listed in Exercise 11-3, if the year's net income is $110,000.
In exercise 11-3
Dave Haskett and Brenda Humphrys formed a partnership, investing $240,000 and $80,000, respectively. Determine their participation in the year's net income of $320,000 under each of the following independent assumptions:
(a) No agreement concerning division of net income;
(b) Divided in the ratio of original capital investment;
(c) Interest at the rate of 15% allowed on original investments and the remainder
divided in a ratio of 2:3;
(d) Salary allowances of $50,000 and $70,000, respectively, and the balance divided equally;
(e) Allowance of interest at the rate of 15% on original investments, salary allowances of $50,000 and $70,000, respectively, and the remainder divided equally.