a The partnership of Tammy and Mark began with the partners investing $3,900 and $2,700, respectively At the end of the first year, the partnership earned net income of $7,900 Under each of the following independent situations, calculate how much of the $7,900 each is entitled to Situation 1 No agr...

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a. The partnership of Tammy and Mark began with the partners investing $3,900 and $2,700, respectively. At

Question:

a. The of Tammy and Mark began with the partners investing $3,900 and $2,700, respectively. At the end of the first year, the earned net income of $7,900. Under each of the following independent situations, calculate how much of the $7,900 each is entitled to:
Situation 1: No agreement on how income was to be shared.
Situation 2: Tammy and Mark share income based on the beginning of-year investment ratio.
Situation 3: Salary allowance of $2,810 to Tammy and $2,410 to Mark. Ten percent interest on beginning year's investment. Remainder split equally.
b. In Situation 3, what would the earnings to each partner be if net income were $4,700?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...