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Pete and Kate share income equally. For the current year, the partnership net income is 60,000 . Pete made withdrawals of 14,000 , and Kate

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Pete and Kate share income equally. For the current year, the partnership net income is 60,000 . Pete made withdrawals of 14,000 , and Kate made withdrawals of $15,000. At the beginning of the year, the capital account balances were; Pete, capital, \$40,000; Kate, capital, $58,000. Kate's capital account balance at the end of the year is 43,000 30,000 88,000 73,000 Joseph and Tina share income and losses in a 2:3 ratio after allowing for salaries to Joseph of $15,000 and $10,000 to Tina. Net income for the partnership is $115,000. Income should be divided as follows: Joseph-60,000, Tina-55,000 Joseph-46,000, Tina-69,000 Joseph-51,000, Tina-64,000 Joseph-57,500, Tina 57,500

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