Karen Rhea and Wayne Sellevaeg decided to form a partnership on July 1 20-1. Rhea invested $100000 and Sellevaeg invested $50000. For the fiscal year ended June 30 20-2 a net income of $90000 was earned. Determine the amount of net income that Rhea and Sellevaeg would receive under each of the following independent assumptions:1. There is no agreement concerning the distribution of net income.2. Each partner is to receive 10% interest on their original investment. The remaining net income is to be divided equally.3. Rhea and Sellevaeg are to receive a salary allowance of $30000 and $40000 respectively. The remaining net income is to be divided equally.4. Each partner is to receive 10% interest on their original investment. Rhea and Sellevaeg are to receive a salary allowance of $30000 and $40000 respectively. The remaining net income is to be divided as follows: Rhea 40% and Sellevaeg 60%.
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