PROBLEM, IV (20%) Peter Paul and Mary are partners. Their partnership agreement calls for distribution on income to be done as follows: 1. Salaries for Peter, Paul and Mary are $10,000, $20,000 and $25,000 respectively. 2. 10% interest on all average capital balances. Peter's capital balance was $ 100,000, Paul's was $40.000 and Mary's was $50,000. 3. The remainder was divided on a 2:1:1 ratio. REQUIRED: I. Prepare a schedule of the distribution of income assuming that net income was $130,000 in 2018 2. Prepare a schedule of the distribution of “income” assuming that there was A net loss of $10,000 in 2018.
https://besttutors.net/wp-content/uploads/2020/05/logo-best-tutors-300x60.png 0 0 Paul https://besttutors.net/wp-content/uploads/2020/05/logo-best-tutors-300x60.png Paul2021-09-27 00:17:432021-09-27 00:17:43PROBLEM, IV (20%) Peter Paul and Mary are partners. Their partnership agreement calls for distributi