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Candace hassell and abby lawson formed a partnership

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Reference no: EM13252204

Candace Hassell and Abby Lawson formed a partnership, investing $259,200 and $172,800, respectively.

Independent assumptions:

(a) no agreement concerning division of net income;

(b) divided in the ratio of original capital investment;

(c) interest at the rate of 18% allowed on original investments and the remainder divided in the ratio of 2:3;

(d) salary allowances of $68,000 and $94,000, respectively, and the balance divided equally;

(e) allowance of interest at the rate of 18% on original investments, salary allowances of $68,000 and $94,000, respectively, and the remainder divided equally.

Determine Hassell's and Lawson's participation in the year's net income of $252,000 under each of the independent assumptions above.

Reference no: EM13252204

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