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How much net income should be distributed to hutchins

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Alex Hutchins and Caitlin Jenkins formed a partnership, dividing income as follows:

1. Annual salary allowance to Hutchins of $24,000.

2. Interest of 12% on each partner's capital balance on January 1.

3. Any remaining net income divided to Hutchins and Jenkins, 2:1.

Hutchins and Jenkins had $60,000 and $80,000, respectively, in their January 1 capital balances. Net income for the year was $36,000.

How much net income should be distributed to Hutchins? 

Reference no: EM131125704

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