Ramona Stolton and Jerry Bright are partners in a business they started two year

Question

Ramona Stolton and Jerry Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $30,000 and that Bright should receive a $40,000 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner

Ramona Stolton and Jerry Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $30,000 and that Bright should receive a $40,000 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner

Explanation / Answer

Hi,

Please find the answer as follows:

Thanks.

Stolton Bright Total Net income

104000 Salary Allowances


Stolton 30000

Bright
40000
Total salary allowances

70000 Balance of income

34000 Balance allocated equally
Stolton 17000

Bright
17000
Total allocated equally

34000 Balance of income

0 Shares of the partners 47000 57000

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