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Ramer and Knox began a partnership by investing $60,000 and $90,000 respectively. The partners agreed to share income by granting a $55,000 per year salary
Ramer and Knox began a partnership by investing $60,000 and $90,000 respectively.
The partners agreed to share income by granting a $55,000 per year salary allowance to Ramer, a $45,000 per year salary allowance to Knox, 15% interest on their initial capital investments, and the remaining balance shared equally. Net income is $185,000. ( Enter all allowances as positive values. Enter losses as negative values.)
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