Jill Fargo and Sheila Kain are partners in a business called Fargo and Kain. On December 31 of the current year, the partners' equities are Jill, \($80,000.00\) and Sheila, \($120,000.00.\) The net income for the year is \($80,000.00.

 Instructions: 

For\) each of the following independent cases, calculate how the \($80,000.00\) net income will be distributed to the two partners. 

1. Each partner receives a fixed percentage of 50% of net income. 

2. Each partner receives a percentage of net income based on the percentage of total equity. 

3. Each partner receives 12% interest on equity. The partners share remaining net income, net loss, or deficit equally. 

4. Jill receives a salary of \($24,000.00;\) Sheila receives a salary of \($30,000.00.\) The partners share remaining net income, net loss, or deficit on a fixed percentage of Jill, 40% and Sheila, 60%. 

5. Jill is to receive 10% interest on equity and a salary of \($24,000.00.\) Sheila is to receive 8% interest on equity and a salary of \($30,000.00.\) The partners share remaining net income, net loss, or deficit equally. 6. Jill is to receive 15% interest on equity and a salary of \($30,000.00.\) Sheila is to receive 15% interest on equity and a salary of \($36,000.00.\) The partners share remaining net income, net loss, or deficit equally.