Dividing partnership income
Carmelo Fernandez and Bobby Morett formed a partnership, investing $ and $ respectively.
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
Open spreadsheet
Determine their participation in the year's net income of $ under each of the following independent
a No agreement concerning division of net income.
b Divided in the ratio of original capital investment.
c Interest at the rate of allowed on original investments and the remainder divided in the ratio of :
d Salary allowances of $ and $ respectively, and the balance divided equally.
e Allowance of interest at the rate of on original investments, salary allowances of $ and $ respectively, and the remainder divided equally.
