[The following information applies to the questions displayed below. Ramer and K

Question

[The following information applies to the questions displayed below. Ramer and Knox began a partnership by investing $78,000 and $117000, respectively. Exercise 12-5 Part 1 Income allocation in a partnership LO P2 During its first year, the partnership earned $230,000. Prepare calculations showing how the $230,000 income should be allocated to the partners under each of the following three separate plans for sharing income and loss: 1. The partners failed to agree on a method to share income Ramer Knox

Explanation / Answer

1 The partners failed to agree on a method to share income.

Then Profit Shall Be Shared Equally

2

Ramer 230000/2 115000 Knox 230000/2 115000

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