E.12-02 Dividing Partnership Net Income Required: Steve Queen and Chelsy Poodle formed a partnership, dividing income as follows: 1. Annual salary allowance to Queen of $153,120, 2. Interest of 5% on each partner's capital balonce on January 1, 3. Any remaining net income divided to Queen and Poodle, 1:2 Queen and Poodle had $84,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $264,000. How much is distributed to Queen and Poodle? Note: Compute partnership share Queen: Poodle: Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $72,500 and $217,500, respectively. Determine their participation in the year's net income of $108,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:2. d. Salary allowances of $34,000 and 549,000, respectively, and the balance divided equally e. Allowance of interest at the rate of 5% on original investments, salary allowances of $34,000 and $49,000, respectively, and the remainder divided equally. Albright (a) Hawes (b) (c) (d) 1111 Accounting numeric field @