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Calculating Total Salary and Interest Allowances 4. If the partners in Concept Check 2 have the following agreement, please calculate the total salary and

Calculating Total Salary and Interest Allowances 4. If the partners in Concept Check 2 have the following agreement, please calculate the total salary and interest allowances: a. Salary Allowance: Smith, $8,600; Stapleson, $6,900; and Menard, $5,800. b. 6% interest on capital investments. Share of Net Income to Partners; Deficit Sharing 5. Using your answer from Concept Check 4, how much more income is to be distributed to the partners (assume each shares equally) after the salary and interest allowances? If net income was $14,250, how much would the partners share in the deficit?

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