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Compute the distribution of income and the changes

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Question - Fox and Greg are partners who have capital balances at the beginning of 2021 $60,000, and $40,000, respectively. Fox invests $30,000 on July 1 and Gregg invests $40,000 on August 1. Partners receive 10% Grego interest on their average capital balances. After deducting salaries of $30,000 to Fox and $20,000 to Howe, the residual profit or loss is divided equally. In 2021 the partnership had net income of $73,000 before interest and salaries to partners. Compute the distribution of income and the changes in the partners' capital accounts during the year.

Reference no: EM133063759

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