Question
PLEASE ANSWER 4. Net income for the year was $196,800. The partnership agreement makes no provision for salaries but provides for 16% interest on January
PLEASE ANSWER 4. Net income for the year was $196,800. The partnership agreement makes no provision for salaries but provides for 16% interest on January 1 capital balances. These balances were $60,000 for Drew and $105,000 each for Eaton and Howard. Partner Drew's share of net income is $____________ Justification: 5. Net income for the year was $274,000. The partnership agreement makes no provision for salaries but provides for 10% interest on January 1 capital balances. These balances were $70,000, $100,000, and $80,000 for Drew, Eaton, and Howard, respectively. Partner Drew's share of net income is $____________ Justification
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