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Tanner and Teresa share income and losses in a 2:1 ratio after allowing for salaries of $43,500 to Tanner and $62,400 to Teresa. Net income
Tanner and Teresa share income and losses in a 2:1 ratio after allowing for salaries of $43,500 to Tanner and $62,400 to Teresa. Net income of the partnership is $134,700. Income should be divided as follows:
a.Tanner, $62,700; Teresa, $72,000
b.Tanner, $77,000; Teresa, $57,700
c.Tanner, $57,700; Teresa, $77,000
d.Tanner, $58,700; Teresa, $76,000
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