Question
The following information relates to Dan and Don's partner's capital accounts for fiscal year June 30: Dan Don Balance, July 1 432,000 576,000 Add: Investment,
The following information relates to Dan and Don's partner's capital accounts for fiscal year June 30: Dan Don Balance, July 1 432,000 576,000 Add: Investment, January 1 192,000 96,000 Net Income for the year: Salaries 102,500 72,500 Interest 39,600 46,800 Bonus 18,600 - Remainder 74,400 49,600
Total 859,100 840,900 Deduct: Drawings Monthly amounts 75,350 75,300 Additional drawings, June 30 12,000 2,015 Balance, June 30 ??? ??? Bonus is based on net income after salaries, interest and bonus. If the net income remains the same the following fiscal year, and there is no change in partnership agreement nor any additional investment, how much will be Don's total share of the net income in the following fiscal year?
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