Jones, Silva, and Thompson form a partnership and agree to allocate income equally after recognition of 10% interest on beginning capital balances and monthly salary allowances of $1,990 to Jones and $1,510 to Thompson. Capital balances on January 1 were as follows:

Jones$40,400 Silva25,300 Thompson30,000

Calculate the net income (loss) allocation to each partner under each of the following independent situations.

1.Net income for the year is $99,570.2.Net income for the year is $38,490.3.Net loss for the year is $14,580.

1

Income (Loss) allocation JonesSilvaThompson

2

Income (Loss) allocation JonesSilvaThompson

3

Income (Loss) allocation JonesSilvaThompson