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Compute the participation in the year net income

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Problem 1: Tyler Hawes and Piper Albright formed a partnership, investing $104,000 and $156,000, respectively. Determine their participation in the year's net income of $280,000 under each of the following independent assumptions:

  1. No agreement concerning the division of net income.
  2. Divided into the ratio of original capital investment.
  3. Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3.
  4. Salary allowances of $38,000 and $49,000, respectively, and the balance divided equally.
  5. Allowance of interest at the rate of 6% on original investments, salary allowances of $38,000 and $49,000, respectively, and the remainder divided equally.

Reference no: EM132765761

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