uestion 1 Use the following information to answer question #s 1 - 5: The JNT partnership shares profit and losses in the ratio of 60% to Joan (J), 30% to Nancy (N) and 10% to Thelma (T). The partnerships net income for the year is $150,000 (before salary and interest, if any). Under the partnership agreement how would net income be distributed to the three partners? Joan = $50,000, Nancy = $50,000, Thelma = $50,000 Joan = $15,000, Nancy = $45,000, Thelma = $90,000 Joan = $90,000, Nancy = $45,000, Thelma = $15,000 Answer is undeterminable based on information given. 2 points Question 2 If there was no provision for net income in the partnership agreement, how would the net income be distributed to the three partners? Joan = $50,000, Nancy = $50,000, Thelma = $50,000 Based on average capital balances. Based on hours worked for the partnership. Based on market value of assets contributed to the partnership. 2 points Question 3 If the partnership agreement states that Thelma should get a salary of $5,000, how would the net income be distributed? Joan = $50,000, Nancy = $50,000, Thelma = $50,000 Joan = $87,000, Nancy = $43,500, Thelma = $14,500 Joan = $48,333, Nancy = $48,3333 Thelma = $48,333 Joan = $93,000, Nancy = $46,500, Thelma = $15,500 2 points Question 4 If the partnership agreement states that each partner should get a salary of $60,000 how would the net income be distributed? Joan = (60,000), Nancy = (60,000), Thelma = (60,000) Joan = 50,000 Nancy = 50,000, Thelma = 50,000 Joan = 198,000, Nancy = 99,000, Thelma = 33,000 Joan = (18,000), Nancy = (9,000), Thelma = (3000) 2 points Question 5 If the partnership agreement states that each partner should get a salary of $10,000 annually and the partnership experiences a net loss of $60,000 (before salary) how would the net loss be distributed? Joan = (10,000), Nancy = (10,000), Thelma = (10,000) Joan = (54,000), Nancy = (27,000), Thelma = (9,000) Joan = (20,000), Nancy = (20,000), Thelma = (20,000) Joan = (30,000), Nancy = (30,000), Thelma = (30,000)