Question: ramer and knox began a partnership by investing 68000 and...
Ramer and Knox began a partnership by investing $68,000 and $102,000, respectively.
3. The partners agreed to share income by granting a $59,000 per year salary allowance to Ramer, a $41,000 per year salary allowance to Knox, 15% interest on their initial capital investments, and the remaining balance shared equally. Net income is $205,000. (Enter all allowances as positive values. Enter losses as negative values.)