On January 1, 2022, Dalal and John, the partners of D&J Partnership, have beginning balances of...

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On January 1, 2022, Dalal and John, the partners of D&J Partnership, have beginning balances of $60,000 and $50,000 respectively. The partnership has a net income of $25,000 at year end. The partnership agreement of D&J Partnership states that net income and net loss are shared on the following basis: 1. Salary allowance of 30% of net income to Dalal and 15% to John. 2. Interest allowance of 15% on both partner's beginning capital balances. 3. The remainder is divided on between Dalal and John on 2:3 basis. Total salaries and interest amount: * $27,750 $25,000 $16,500 $5,250 None of the above Dalal's portion of net income amounts: * $16,600 $1,100 $2,750 $15,400 None of the above John's portion of net income amounts: * $12,900 $9,600 $7,500 $1,650 None of the above On January 1, 2022, Dalal and John, the partners of D&J Partnership, have beginning balances of $60,000 and $50,000 respectively. The partnership has a net income of $25,000 at year end. The partnership agreement of D&J Partnership states that net income and net loss are shared on the following basis: 1. Salary allowance of 30% of net income to Dalal and 15% to John. 2. Interest allowance of 15% on both partner's beginning capital balances. 3. The remainder is divided on between Dalal and John on 2:3 basis. Total salaries and interest amount: * $27,750 $25,000 $16,500 $5,250 None of the above Dalal's portion of net income amounts: * $16,600 $1,100 $2,750 $15,400 None of the above John's portion of net income amounts: * $12,900 $9,600 $7,500 $1,650 None of the above

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