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A partnership began its first year of operations with the following capital balances: Young, Capital $143,000 Eaton. Capital: $ 104,000 Thurman, Capital: $143,000 the Articles
A partnership began its first year of operations with the following capital balances: Young, Capital $143,000 Eaton. Capital: $ 104,000 Thurman, Capital: $143,000 the Articles of Partnership stipulated that profits and losses be assigned in the following manner: Young was to be awarded an annual salary of $26,000 with $13,000 salary assigned to Thurman. Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. the remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively. Each partner withdrew $13,000 per year. Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year. What was Eaton's total share of net income for the second year? $17,160 income. $4,160 income. $19,760 income. $17,290 income. $28,080 income
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