PROBLEM, IV (20%) Peter Paul and Mary are partners. Their partnership agreement calls for distributi

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PROBLEM, IV (20%) Peter Paul and Mary are partners. Their partnership agreement calls for distribution on income to be done a
3. The remainder was divided on a 2:1:1 ratio. REQUIRED: I. Prepare a schedule of the distribution of income assuming that ne PROBLEM, IV (20%) Peter Paul and Mary are partners. Their partnership agreement calls for distribution on income to be done as follows: 1. Salaries for Peter, Paul and Mary are $10,000, $20,000 and $25,000 respectively. 2. 10% interest on all average capital balances. Peter's capital balance was $ 100,000, Paul's was $40.000 and Mary's was $50,000. 3. The remainder was divided on a 2:1:1 ratio. REQUIRED: I. Prepare a schedule of the distribution of income assuming that net income was $130,000 in 2018 2. Prepare a schedule of the distribution of “income” assuming that there was A net loss of $10,000 in 2018.

 
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