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The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence: Jones, the
The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence: Jones, the managing partner, receives a bonus equal to 15 percent of the business's profit. Each partner receives 17 percent interest on average capital investment. Any residual profit or loss is divided equally. The average capital investments for 2013 were as follows: Jones - $115000 King - $230000 Lane - $345000 How much of the $54,000 partnership profit for 2013 should be assigned to each partner? Jones - ? King - ? Lane
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