Kramer and knox began a partnership by investing $60,000 and $80,000, respectively. assume that the partners agreed to share net income and loss by granting annual salary allowances of $50,000 to kramer and $40,000 to knox, 10% interest allowances on their investments, and any remaining balance shared equally.
1. determine the partners' shares of kramer and knox given a first-year net income of $98,800. (losses and amounts to be deducted should be entered with a minus sign.)
2. determine the partners' shares of kramer and knox given a first-year net loss of $16,800. (losses and amounts to be deducted should be entered with a minus sign.)
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Kramer and knox began a partnership by investing $60,000 and $80,000, respectively. assume that the...
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