# Dividing partnership income

Gale Haley and Leah Manos formed a partnership, investing \$180,000 and \$60,000 respectively.

Independent assumptions:
(a) no agreement concerning division of net income;
(b) divided in the ratio of original capital investment;
(c) interest at the rate of 10% allowed on original investments and the remainder divided in the ratio of 2:3;
(d) salary allowances of \$45,000 and \$60,000 respectively, and the balance divided equally;
(e) allowance of interest at the rate of 10% on original investments, salary allowances of \$45,000 and \$60,000 respectively, and the remainder divided equally.

Determine Haley and Manos' participation in the year's net income of \$150,000 under each of the independent assumptions presented in the exercise.

 veroncc2010 Posts: 2, Reputation: 10 Junior Member #2 May 12, 2010, 08:01 AM
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 veroncc2010 Posts: 2, Reputation: 10 Junior Member #3 May 12, 2010, 08:01 AM
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