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Ramer and Knox began a partnership by investing $79,000 and $109,000, respectively. The...

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Accounting

Ramer and Knox began a partnership by investing $79,000 and $109,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $59,500 to Ramer and $47,600 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally.
Note: Enter all allowances as positive values. Enter losses as negative values.
Required:
Determine each partner's share given a first-year net income of $117,800.
Determine each partner's share given a first-year net loss of $35,800.
Complete this question by entering your answers in the tabs below.
Determine each partner's share given a first-year net income of $117,800.
\table[[Allocation of Partnership Income,],[Ramer,Knox,Total,],[Net Income (loss),,$117,800,],[Salary allowances,,,],[Balance of income (loss),,,],[Interest allowances,,,],[Balance of income (loss),,,],[Balance allocated equally,,,]]
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