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The Jamison and Stephens partnership reports net income of $50,000. Partner salary allowances are Jamison $20,000 and Stephens $12,000. Any remaining income is shared 60:40.

The Jamison and Stephens partnership reports net income of $50,000. Partner salary allowances are Jamison $20,000 and Stephens $12,000. Any remaining income is shared 60:40. Determine the amount of net income allocated to each partner. image text in transcribed

Division of Net Income Jamison Stephens Total Salary allowance $ 20000 $ 12000 $ 32000 Remaining income Total division $ $ $

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