Net income for the Gifts Galore for the year ended December 31, 2013, was $18,000. The partners, Chang and Jennings, share profits in the ratio of 70 and 30 percent, respectively.
1. How much of the net income will be allocated to Chang?
2. How much of the net income will be allocated to Jennings?

Question

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The Answer of Net income for the Gifts Galore for the year ended December 31, 2013, was $18,000. The partners, Chang and Jennings, share profits in the ratio of 70 and 30 percent, respectively.
1. How much of the net income will be allocated to Chang?
2. How much of the net income will be allocated to Jennings?

Net Income for the Gifts Galore for the Year Ended