The partnership agreement of Sigmon and Willie provides for salary allowances of $ 78,000 per year for

Question:

The agreement of Sigmon and Willie provides for salary allowances of $ 78,000 per year for Sigmon and $ 66,000 per year for Willie. They share the remaining balance of net income on the basis of three-fifths for Sigmon and two-fifths for Willie. The net income amounts to $ 146,000. Calculate the total share for each partner.

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...