The Jamison and Stephens partnership reports net income of $50000. Partner salary allowances are Jamison $18000 and Stephens $12000. Any remaining income is shared 60:40.
Instructions
Determine the amount of net income allocated to each partner.

Question

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The Answer of The Jamison and Stephens partnership reports net income of $50000. Partner salary allowances are Jamison $18000 and Stephens $12000. Any remaining income is shared 60:40.
Instructions
Determine the amount of net income allocated to each partner.

The Jamison and Stephens Partnership Reports Net Income of $50000