Partners Gina Jocketty and B Madson are provided salary allowances of 30,000 and 25,000, respectively They divide the remainder of the partnership income in a ratio of 60 40 If partnership net income is 50,000, how much is allocated to Jocketty and Madson ...

Division of Net Income G Jocketty B Madson Tota ...

Partners Gina Jocketty and B. Madson are provided salary allowances of 30,000 and 25,000, respectively. They divide

Question:

Partners Gina Jocketty and B. Madson are provided salary allowances of €30,000 and €25,000, respectively. They divide the remainder of the income in a ratio of 60:40. If net income is €50,000, how much is allocated to Jocketty and Madson?
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...