Dividing Partnership Income

Candace Hassell and Abby Lawson formed a partnership, investing $324,000 and $108,000, respectively.

Determine their participation in the year's net income of $324,000 under each of the following independent assumptions:

No agreement concerning division of net income.

Divided in the ratio of original capital investment.

Interest at the rate of 12% allowed on original investments and the remainder divided in the ratio of 2:3.

Salary allowances of $68,000 and $94,000, respectively, and the balance divided equally.

Allowance of interest at the rate of 12% on original investments, salary allowances of $68,000 and $94,000, respectively, and the remainder divided equally.