Ramer and Knox began a partnership by Investing $62,000 and $93,000, respectively. During its first year, the partnership earned $190,000. Prepare calculations showing how the $190,000 income is allocated under each separate plan for sharing income and loss. 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $190,000. Note: Do not round intermediate calculations. Fraction to Allocate Ramer Ramer's Share of Income Fraction to Allocate Knox Knox's Share of Income Total Income Allocated $ 0
Ramer and Knox began a partnership by Investing $62,000 and $93,000, respectively. During its first year, the partnership earned $190,000. Prepare calculations showing how the $190,000 income is allocated under each separate plan for sharing income and loss. 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $190,000. Note: Do not round intermediate calculations. Fraction to Allocate Ramer Ramer's Share of Income Fraction to Allocate Knox Knox's Share of Income Total Income Allocated $ 0
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...
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Transcribed Image Text:Ramer and Knox began a partnership by Investing $62,000 and $93,000, respectively. During its first year, the partnership
earned $190,000. Prepare calculations showing how the $190,000 income is allocated under each separate plan for
sharing income and loss.
2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $190,000.
Note: Do not round intermediate calculations.
Fraction to Allocate
Ramer
Ramer's Share
of Income
Fraction to Allocate
Knox
Knox's Share of
Income
Total Income
Allocated
$
0
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