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Determine each partner share of the current year net income

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Question: 1. Ann Keeley and Susie Norton are partners in a business they started two years ago. The partnership agreement states that Keeley should receive a salary allowance of $40,000 and that Norton should receive a $30,000 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner's share of the current year's net income of $210,000.

2. Jones and Bordan are partners, each with $30,000 in their partnership capital accounts. Holly is admitted to the partnership by investing $30,000 cash. Make the entry to show Holly's admission to the partnership.

Reference no: EM131534209

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