Answered Essay: Evan and Jordyn invested $99,000 and $126,000, respectively, in a partnership they began one year ag

Evan and Jordyn invested $99,000 and $126000, respectively, in a partnership they began one year ago. Assuming the partnership earned $120000 during the current year, compute the share of the net income each partner should receive under each of these independent assumptions. 1. The partnership contract specifies salary allowances of $45,000 to Evan and $60,000 to Jordyn and any balance shared equally. 2. The partnership contract specifies salary allowances of $45,000 to Evan and $60,000 to Jordyn interest allowance of 8% on the partners beginning capiſal balance and any balance shared equally. Evans Share Jordyns Share L Total

Evan and Jordyn invested $99,000 and $126,000, respectively, in a partnership they began one year ago. Assuming the partnership earned $120,000 during the current year, compute the share of the net income each partner should receive under each of these independent assumptions. The partnership contract specifies salary allowances of $45,000 to Evan and $60,000 to Jordyn and any balance shared equally. The partnership contract specifies salary allowances of $45,000 to Evan and $60,000 to Jordyn interest allowance of 8% on the partners’ beginning capital balance and any balance shared equally.

Expert Answer

 

1.

Compute the share of net income each partner should received in the following manner:

E J Total
Salary to partners 45000 60000 105000
Balance of net income equally to partners [($120,000 – $105,000) / 2] 7500 7500 15000
Totals 52500 67500 120000

2.

Compute the share of net income each partner should received in the following manner:

E J Total
Salary to partners 45000 60000 105000
Interest on capital 7920 10080 18000
Share of net loss equally to partners [($120,000 – $105,000 – $18,000)/2] -1500 -1500 -3000
Totals 51420 68580 120000
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