18. The profit and loss sharing agreement for the Sealy, Teske, and Ubank partnership provides that...

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18. The profit and loss sharing agreement for the Sealy, Teske, and Ubank partnership provides that each partner receive a bonus of 5% on the original amount of partnership net income if there is a net income. Sealy and Teske receive a salary allowance of $7,500 and $10,500, respectively. Ubank has an average capital balance of $260,000, and receives a 10% interest allocation on the amount of his average capital account balance. Residual profits and losses are allocated to Sealy, Teske, and Ubank in their respective ratios of 7:5:8. Compute the share of the net income for each partner for each of the following partnership net income/losses. 1. Partnership Net Income 20,000 2. Partnership Net Loss 10,000 3. Partnership Net Income 100,000 18. The profit and loss sharing agreement for the Sealy, Teske, and Ubank partnership provides that each partner receive a bonus of 5% on the original amount of partnership net income if there is a net income. Sealy and Teske receive a salary allowance of $7,500 and $10,500, respectively. Ubank has an average capital balance of $260,000, and receives a 10% interest allocation on the amount of his average capital account balance. Residual profits and losses are allocated to Sealy, Teske, and Ubank in their respective ratios of 7:5:8. Compute the share of the net income for each partner for each of the following partnership net income/losses. 1. Partnership Net Income 20,000 2. Partnership Net Loss 10,000 3. Partnership Net Income 100,000

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Acosding The poofit and foss shaing agreement for the wa Sealy Teske an... View the full answer