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(Solved by Expert Tutors) Dividing Partnership IncomeDesmond Drury and Ty Wilkins have decided to


that Drury is to invest $44,700 and that Wilkins is to invest $104,300. Drury is to devote full time to the business, and Wilkins is to devote one-half time. The following plans for the division of income are being considered:a. Equal division.b. In the ratio of original investments.c. In the ratio of time devoted to the business.d. Interest of 10% on original investments and the remainder in the ratio of 3:2.e. Interest of 10% on original investments, salary allowances of $101,400 to Drury and $50,700 to Wilkins, and the remainder equally.f. Plan (e), except that Wilkins is also to be allowed a bonus equal to 20% of the amount by which net income exceeds the total salary allowances.For each plan, determine the division of the net income under each of the following assumptions: (1) net income of $447,000 and (2) net income of $196,800. (1) Net income of (2) Net income of $447,000 $196,800Plan Drury Wilkins Drury Wilkinsa. $ $ $ $b.$ $ $ $c. $ $ $ $d.$ $ $ $e.$ $ $ $f.$ $ $ $

 


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Apr 19, 2020

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