Arn, Bev, and Car are partners who share profits and losses 40:40:20, respectively, after Bev, who manages

Question:

Arn, Bev, and Car are partners who share profits and losses 40:40:20, respectively, after Bev, who manages the partnership, receives a bonus of 10 percent of income, net of the bonus. Partnership income for the year is $198,000.

REQUIRED

Prepare a schedule to allocate partnership income to Arn, Bev, and Car.

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...