Ramer and Knox began a partnership by investing $60,000 and $80,000, respectively.

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Exercise 12-6 Income allocation in a partnership LO P2

The partners agreed to share net income and loss by granting annual salary allowances of $50,000 to Ramer and $40,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 2a. Determine the partners' shares of Ramer and Knox given a first-year net income of $98,800. 2b. Determine the partners' shares of Ramer and Knox given a first-year net loss of $16,800.

Complete this question by entering your answers in the tabs below Req 2A Req 2B Determine the partners' shares of Ramer and Knox given a first-year net loss of $16,800 Allocation of Partnership Income Ramer Knox Total Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally (60,400) Balance of income (loss) Shares of the partners $ (16,800) $ 50,000 40,00090,000 73,200 6,0008,00014,000 87,200 (60,400) (120,800) 208,000 $ (4,400) (12,400) K Req 2A Req 2B Complete this question by entering your answers in the tabs below Req 2A Req 2B Determine the partners' shares of Ramer and Knox given a first-year net income of $98,800 Allocation of Partnership Income Ramer Knox Total Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners S 98,800 $ 50,000 40,00090,000 8.800 6,0008,00014,000 22,800 (2,600)01 (2,600) (5,200) $ 28,000 $ 53,400 45,400 Req 2A Req 2B