Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting this year by making capital contributions of $$270,000,$$$306,000,$ and $$200,000,$ respectively. They anticipate annual profit of $$465,600$ and are considering the following alternative plans of sharing profits and losses:

$20$

points

eBook

Print

References

a$.$ Equally;

b$.$ In the ratio of their initial investments; or

c$.$ Salary allowances of $$124,000$ to Conway, $$98,000$ to Chan, and $$73,000$ to Scott and interest allowances of $10\%$ on initial investments, with any remaining balance shared equally.

Required:

Use the schedule to show how a profit of $$465,600$ would be distributed under each of the alternative plans being considered. $($Enter all amounts as positive values.$)$

$\backslash$table$[[\backslash$table$[[$Profit $($Loss$)],[$Sharing Plan$]],$Calculations,$\backslash$table$[[$Share to$],[$Conway$]],\backslash$table$[[$Share to$],[$Chan$]],\backslash$table$[[$Share to$],[$Scott$]],$Total$],[($a$),$Profit,,,,$],[($b$),$Profit,,,,$],[($c$),$Profit,,,,$ $465,600],[$Salary allowances,,,,$$