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How much of the partnership profit

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The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence:

  • Jones, the managing partner, receives a bonus equal to 25 percent of the business's profit.
  • Each partner receives 19 percent interest on average capital investment.
  • Any residual profit or loss is divided equally.

The average capital investments for 2018 were as follows:

Jones       $125,000

King        250,000

Lane       375,000

Question 1: How much of the $58,000 partnership profit for 2018 should be assigned to each partner?

Reference no: EM132574467

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