Partnership+Division+of+Net+Income.xls

Partnership+Division+of+Net+Income.xls - Exercise 12-3 p...

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Exercise 12-3, p. Division of Net Income R. Huma W. How Total Net Income 45000 Salary allowances 20000 12000 32000 13000 Interest allowance Huma ($50 000 x 0.05) 2500 How ($40 000 x 0.05) 2000 4500 Remaining Income in Fixed Ratio Huma ($8500 x 60%) 5100 How ($8500 x 40%) 3400 Remaining Income 8500 Division of Net Income 27600 17400 45000 Division of Net Income R. Huma W. How Total Net Income 32000 Salary allowances 20000 12000 32000 Interest allowance Huma ($50 000 x 0.05) 2500 How ($40 000 x 0.05) 2000 4500 Remaining Income in Fixed Ratio Huma ($8500 x 60%) -2700 How ($8500 x 40%) -1800 Remaining Income -4500 Division of Net Income 19800 12200 32000
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Income Summary 45000 R. Huma, Capital 27600 W. How, Capital 17400 0 Income Summary R. Huma, Capital W. How, Capital
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P12-3A, p. 651 Division of Net Income S. Little D. Bartlet D. Sawka Total Net Income 47000 Income in a Fixed Ratio S. Little ($47000 x 50%) 23500 14100 9400 D. Bartlett ($47000 x 30%) D. Sawka ($47000 x 20%) 47000 Remaining Income 0 Divsion of Net Income 23500 14100 9400 Division of Net Income S. Little D. Bartlet D. Sawka Total Net Income $ 34,000.00 Salary Allowances
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