Question
Saly and Jena formed a partnership with capital contributions of $300,000 and $400,000, respectively. Their partnership agreement calls for Saly to receive a $60,000 per
Saly and Jena formed a partnership with capital contributions of $300,000 and $400,000, respectively. Their partnership agreement calls for Saly to receive a $60,000 per year salary. Also, each partner is to receive an interest allowance equal to 10% of a partner's beginning capital investments. The remaining income or loss is to be divided equally. Net income for the current year is $150,000. Required: Calculate Saly's share of Net income for the current year. (Note: in the answer space, write only the number, with no $ signs or commas. That is, if your answer is $1,000, white it as : 1000 ).
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