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QUESTION 16 Partners Jelly and Flex have agreed to share profits and losses in an 80:20 ratio respectively after Jelly is allowed a salary allowance

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QUESTION 16 Partners Jelly and Flex have agreed to share profits and losses in an 80:20 ratio respectively after Jelly is allowed a salary allowance of $70,000 and Flex is allowed a salary allowance of $35,000. If the partnership had a net income of $70,000 for 2017, Flex's share of the income would be $35,000 $7,000 $28,000 $42,000

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