Ramer and Knox began a partnership by investing $$60,000$ and $$90,000,$ respectively. The partners agreed to share net income and loss by giving annual salary allowances of $$50,000$ to Ramer and $$40,000$ to Knox, $10\%$ interest allowances on their investments, and any remaining balance shared equally.

Note: Enter all allowances as positive values. Enter losses as negative values.

Required:

Determine each partner's share given a first$-$year net income of $$98,800.$

Determine each partner's share given a first$-$year net loss of $$16,800.$

Answer rating: 100% (QA)

Here are the partners shares Net income of 98800 Ramer salary allowance 5... View the full answer