A1 Excel McGraw Hill Excel Question Saved v Search (Option - Q) File Home Insert Draw Formulas Data Review View Help Calibri 11 B Bv & A Editing General CHO v .00 v T Comments fx Accessibility tab summary: Two data tables are presented in cells F3 to 15 and F6 to H8. A statement for requirement 1 is presented in rows 7 to 11 and a table for Allocation of Partnership C D E F I B McGraw Hill Question Title $40,000 Exercise 12-6 Income allocation in a partnership LO P2 A H ] 3 partners agreed to share net income and loss by giving annual salary allowances of $50,000 4 5 to Ramer and $40,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. Ramer Knox Ramer Salary Knox Salary Investment Investment $60,000 $90,000 Allowance Allowance $50,000 6 7 Required: 8 1. Determine each partner's share given a first-year net income of $98,800. Interest Allowance First Year Income 10% $98,800 9 10 (Use cells A2 to J7 from the given information to complete this question. Enter all allowances as positive 11 values. Enter losses as negative values.) 12 13 Allocation of Partnership Income 14 Ramer Knox Total 15 Net Income (loss) 16 Salary allowances 17 Balance of income (loss) 18 Interest allowances 19 Balance of income (loss) 20 Balance allocated equally 21 Balance of income (loss) 22 Shares of the partners 23 24 2. Determine each partner's share given a first-year net loss of $16,800. 25 < =Graded Worksheet + Check Answers Check My Work Legend Graded cell: Leave blank if no answer is needed. Scratchpad: Use as a non-graded workspace First Year Loss ($16,800) Save and Return to Assignment