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Dividing Partnership Net Income Required: Komi and Swas formed a partnership, dividing income as follows: Annual salary allowance to Jack of $ 95700. Interest of
Dividing Partnership Net Income
Required:
Komi and Swas formed a partnership, dividing income as follows:
Annual salary allowance to Jack of $ 95700.
Interest of 6% on each partner's capital balance on January 1.
Any remaining net income divided to Komi and Swas, 1:2.
Komi and Swas had $88640 and $112,600, respectively, in their January 1 capital balances. Net income for the year was $165,000. How much is distributed to Komi and Swas ?
Note: Compute partnership share. Komi: $fill in the blank 1 Swas: $fill in the blank 2
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