M. Carson and R. Leno have partnership capital balances of $40,000 and $80,000, respectively. The partnership agreement

Question:

M. Carson and R. Leno have capital balances of $40,000 and $80,000, respectively. The agreement indicates that net income or net loss should be shared equally. If net income for the is $36,000, how should the net income is divided?

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...