Sue, Prue, Lou and Emmet operate a transport company in the ratio 4:3:2:1. Their assessable income...

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Sue, Prue, Lou and Emmet operate a transport company in the ratio 4:3:2:1. Their assessable income for the 2017/18 tax year amounted to $780,000 while they had $300,000 of deductions. Their partnership agreement states that all profits and losses are to be shared in the ratio 4:3:2:1 after adjusting for partner's salaries, travel allowances and interest on capital. The following data was extracted from their financial records: Interest on Capital Sue Prue Lou Emmet Partner's Salaries Sue Prue Emmet Travel Allowances Sue Emmet Interest on capital Partners' salaries Travel allowances Share of Adjusted Net Income Total $ Sue Required: Based on the above information, complete the table calculating each partner's share of partnership net income under the terms of the partnership agreement. Prue $ 12,000 15,000 5,000 3,000 Lou 65,000 50,000 20,000 4,000 6,000 Emmet Total $ Sue, Prue, Lou and Emmet operate a transport company in the ratio 4:3:2:1. Their assessable income for the 2017/18 tax year amounted to $780,000 while they had $300,000 of deductions. Their partnership agreement states that all profits and losses are to be shared in the ratio 4:3:2:1 after adjusting for partner's salaries, travel allowances and interest on capital. The following data was extracted from their financial records: Interest on Capital Sue Prue Lou Emmet Partner's Salaries Sue Prue Emmet Travel Allowances Sue Emmet Interest on capital Partners' salaries Travel allowances Share of Adjusted Net Income Total $ Sue Required: Based on the above information, complete the table calculating each partner's share of partnership net income under the terms of the partnership agreement. Prue $ 12,000 15,000 5,000 3,000 Lou 65,000 50,000 20,000 4,000 6,000 Emmet Total $

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To calculate each partners share of the partnership net income we need to go through the given data ... View the full answer