Tanner and Teresa share income and losses in a 2:1 ratio (2/3 to Tanner and 1/3 to Teresa) after allowing for salaries of $45,000 toTanner and S62,400 to Teresa. Net income of the partnership is $132,300. How should income be divided for Tanner and Teresa? a.Tanner, $56,600; Teresa, S75,700 Ob. Tanner, $61,600; Teresa, $70,700 Oc. Tanner, $57,600; Teresa, S74,700 Od. Tanner, S75,700;Teresa, $56,600

Income and losses sharing ratio = 2:1 Salary allowance of Tanner = $ 45000 Salary allowance of…

Tanner and Teresa share income and losses in a 2:1 ratio (2/3 to Tanner and 1/3 to Teresa) after allowing for salaries of S45,000 to Tanner and S62,400 to Teresa. Net income of the partnership is S132,300. How should income be divided for Tanner and Teresa? a. Tanner, $56,600; Teresa, S75,700 Ob. Tanner, S61,600; Teresa, S70,700 Oc. Tanner, $57,600; Teresa, S74,700 Od. Tanner, S75,700; Teresa, $56,600

Tanner and Teresa share income and losses in a 2:1 ratio (2/3 to Tanner and 1/3 to Teresa) after allowing for salaries of S45,000 to Tanner and S62,400 to Teresa. Net income of the partnership is S132,300. How should income be divided for Tanner and Teresa? a. Tanner, $56,600; Teresa, S75,700 Ob. Tanner, S61,600; Teresa, S70,700 Oc. Tanner, $57,600; Teresa, S74,700 Od. Tanner, S75,700; Teresa, $56,600

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1EB: The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits...

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