(Answered) Baggetta and cohen have capital accounts of 20000 and 40000

Accounting

Baggetta and Cohen have capital accounts of $20,000 and $40,000, respectively. The part ners divide net income in the following manner:

(1) Salaries of $10,000 to Baggetta and $12,000 to Cohen.

(2) Each partner receives 5% on his capital investment.

(3) The balance is divided in the ratio of 1 :2.

Determine the division of net income if net income is (a) $34,000; (b) $22,000.

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Financial Accounting, Accounting

Category:- Financial Accounting
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