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Division of income
This question is in reference to 2 scenarios. The partners are Drury and Wilkins who initially invested $87,600 and $21,900. Salary allowances are $74,400 and $37,200. Interest allowance is 10% and Drury is also to be allowed a bonus equal to 20% of the amount by which net income exceeds the salary allowances. The two income scenarios are $328,500 and $144,6000. I understand the Sal allow, interest allow, and calculating bonus; however, I am unsure how to calculate excess where income is more than totals. Below is chart of information for two scenarios.
Income: 328,500 Income: 144,600 Drur Wilkins Drury Wilkins Salary All. $74,400 $37,200 $74,400 $37,200 Interest Allow $8,760 $2,190 $8,760 $2,190 Bonus (328,500-111,600)*.2 $43,380 0 (144,600-111,600)*.2 6,600 0 Excess Total |
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