The Jones and Yancey partnership reports net income of $45,000. Partner salary allowances are Jones $18,000 and Yancey $12,000. 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 Jones and Yancey partnership reports net income of $45,000. Partner salary allowances are Jones $18,000 and Yancey $12,000. Any remaining income is shared 60:40.
Instructions
Determine the amount of net income allocated to each partner.

The Jones and Yancey Partnership Reports Net Income of $45,000