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Jack and Jill share income and losses in a 2:1 ratio after allowing for salaries to Jack of $24,000 and $30,000 to Jill. Net income
Jack and Jill share income and losses in a 2:1 ratio after allowing for salaries to Jack of $24,000 and $30,000 to Jill. Net income for the partnership is $48,000. Income should be divided as follows:
a.
Jack, $24,000; Jill, $24,000
b.
Jack, $21,000; Jill, $27,000
c.
Jack, $32,000; Jill, $16,000
d.
Jack, $20,000; Jill, $28,000
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Jack and Jill share income and losses in a 2:1 ratio after allowing for salaries to Jack of $24,000 and $30,000 to Jill. Net income for the partnership is $48,000. Income should be divided as follows:
a. | Jack, $24,000; Jill, $24,000 |
b. | Jack, $21,000; Jill, $27,000 |
c. | Jack, $32,000; Jill, $16,000 |
d. | Jack, $20,000; Jill, $28,000 |
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