On January 1, 2020, Jordan and Pippen are in a partnership. Jordan invests 50,000 and Pippen...

 

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On January 1, 2020, Jordan and Pippen are in a partnership. Jordan invests 50,000 and Pippen invest 10,000 into the partnership. They agree to give Jordan an annual salary of 10,000 and Pippen a salary of 40,000. In addition, they agree to pay 10% interest on their individual investment. The remaining profit or loss is divided 60:40 in favor of Jordan. a. Assume that the partnership has profit of 200,000 for the year, calculate Jordan and Pippen's trading income for the year 2020 b. Repeat part a, assume that the partnership only has profit of 50,000. c. (Ignore part a and b) Assume that on September 1, 2020, a new partner, Rodman is admitted to the partnership. Rodman is a hard worker, and the partnership agree to give him a salary of 50,000 (although he did not have any investment). The remaining profit is divided equally among 3 partners. If the partnership has profit of $150,000, calculate Jordan, Pippen, and Rodman's trading income for the year 2020. On January 1, 2020, Jordan and Pippen are in a partnership. Jordan invests 50,000 and Pippen invest 10,000 into the partnership. They agree to give Jordan an annual salary of 10,000 and Pippen a salary of 40,000. In addition, they agree to pay 10% interest on their individual investment. The remaining profit or loss is divided 60:40 in favor of Jordan. a. Assume that the partnership has profit of 200,000 for the year, calculate Jordan and Pippen's trading income for the year 2020 b. Repeat part a, assume that the partnership only has profit of 50,000. c. (Ignore part a and b) Assume that on September 1, 2020, a new partner, Rodman is admitted to the partnership. Rodman is a hard worker, and the partnership agree to give him a salary of 50,000 (although he did not have any investment). The remaining profit is divided equally among 3 partners. If the partnership has profit of $150,000, calculate Jordan, Pippen, and Rodman's trading income for the year 2020.

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