Humbolt Hardware Company is a partnership with net income of $104,000 and needs to split...
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Humbolt Hardware Company is a partnership with net income of $ and needs to split this between partners Ethel Hardachre and Manny Kaur. As Ethel Hardachre works fulltime in the business, they have an annual salary of $ and contributed of new clients. The other partner, Manny Kaur, put in new clients and has an annual salary of $ The partners split $ of the net income as additional salary based upon the ratio of new clients. The partners invested $Ethel Hardachre and $Manny Kaur Each partner will receive on their invested capital. Any residual net income or loss will be split based upon the ratio of invested capital. Prepare a schedule showing calculations of the split of net income or loss amongst the partners.
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