Dividing Partnership income

Candace Hassell and Abby Lawson formed a Partnerhip, investing $280,800 and $187,200 respectively.

Determine their participation in the year's net income of $270,000 under each of the following independent assumptions:

(a) No agreement concerning division of net income

(b) Divided in the ration of original capital investment

(c) Interest at the rate of 18% allowed on original investment and the remainder divided in the ration of 2:3

(d) Salary allowances of $73,000 and $101,000 respectively, and the balance divided equally

(e) Allowance of interest at the rate of 18% on original investments, salary allowance of $73,000 and $101,000 respectfully, and the remainder divided equally