q13

Ahmed and Sayed are partners in A&S Partnership. Ahmed invests $500,000 and Sayed Invests $900,000. They agree to grant salary allowance of $80,000 to Ahmed and $120,000 to Sayed; a 8% interest allowance on beginning capital balances and to share any remaining Income or loss equally. A&S partnership reports net Income of $390,000 for this year. I. *** II! Required: Allocate the net income between the partners, PLEASE SHOW THE CALCULATION FOR EACH PARTNER IN A SEPARATE LINE For the toolbar, press ALT+F10 (PC) or ALT+FNF10 (Mac). BI S Paragraph Arial 10pt v - TT TT +] IE x? X2 26 a () EX