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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: 0 Jones,
The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence: 0 Jones, the managing partner, receives a bonus equal to 20 percent of the business's profit. Each partner receives 10 percent interest on average capital investment. Any residual profit or loss is divided equally. . The average capital investments for 2015 were as follows: 135,000 Jones $ 270,000 King 405,000 Lane How much of the $60,000 partnership profit for 2015 should be assigned to each partner? Income Assignment Jones King Lane
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