Carmelo Fernandez and Bobby Morett formed a partnership, investing $65,000 and $195,000, respectively. Determine their participation...

 

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Carmelo Fernandez and Bobby Morett formed a partnership, investing $65,000 and $195,000, respectively. Determine their participation in the year's net income of $290,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $36,000 and $48,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 5% on original investments, salary allowances of $36,000 and $48,000, respectively, and the remainder divided equally. Fernandez Morett b. C. d. e. Carmelo Fernandez and Bobby Morett formed a partnership, investing $65,000 and $195,000, respectively. Determine their participation in the year's net income of $290,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $36,000 and $48,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 5% on original investments, salary allowances of $36,000 and $48,000, respectively, and the remainder divided equally. Fernandez Morett b. C. d. e.