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Problem 3 X and Y invest $100,000 and $50,000 respectively in a partnership and agree to a division of net income that provides for an
Problem 3
X and Y invest $100,000 and $50,000 respectively in a partnership and agree to a division of net income that provides for an allowance of interest at 10% on original investments, salary allowances of $24,000 and $12,000 respectively, with the remainder divided at a 2:1 ratio. Show all computations. What would be X's & Ys share of the following net income:
- $60,000
- $50,000
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