required information the following information applies to the questions displayed below. ramer and knox…

required information the following information applies to the questions displayed below. ramer and knox began a partnership by investing $82,000 and $123,000, respectively. during its first year, the partnership earned $240,000. prepare calculations showing how the $240,000 income is allocated under each separate plan for sharing income and loss. 1. the partners did not agree on a plan, and therefore share income equally. ramer $ 120,000 knox

required information the following information applies to the questions displayed below. ramer and knox began a partnership by investing $82,000 and $123,000, respectively. during its first year, the partnership earned $240,000. prepare calculations showing how the $240,000 income is allocated under each separate plan for sharing income and loss. 1. the partners did not agree on a plan, and therefore share income equally. ramer $ 120,000 knox

Answer

Explanation:

Step1: Determine sharing method

Since income is shared equally, divide total income by number of partners.

Step2: Calculate each partner's share

$240000\div2 = 120000$

Answer:

Ramer: $120000$ Knox: $120000$