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Anh, Byun and Chea have interests in the ABC Partnership. Partnership income for the year is $225,000. The partnership agreement specifies that partnership income is
Anh, Byun and Chea have interests in the ABC Partnership. Partnership income for the year is $225,000. The partnership agreement specifies that partnership income is to be allocated as follows: salaries of $30,000 to Anh, $40,000 to Byun, and $50,000 to Chea; a bonus of 50% of partnership income, after deducting salaries and bonus, to Byun, and the remainder allocated between the three partners in a 5:1:1 ratio.
Byuns bonus is:
The total income allocation to Anh is:
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