Rodgers and Winter had capital balances of $60,000 and $90,000,respectively,at the beginning of the current fiscal year.The articles of partnership provide for salary allowances of $25,000 and $30,000,respectively; an allowance of interest at 12% on the capital balances at the beginning of the year; and the remaining net income divided equally.Net income for the current year was $110,000.

Question

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The Answer of Rodgers and Winter had capital balances of $60,000 and $90,000,respectively,at the beginning of the current fiscal year.The articles of partnership provide for salary allowances of $25,000 and $30,000,respectively; an allowance of interest at 12% on the capital balances at the beginning of the year; and the remaining net income divided equally.Net income for the current year was $110,000.

Rodgers and Winter Had Capital Balances of $60,000 and $90,000,respectively,at