The Jamison and Stephens Partnership Reports Net Income of $50000

question 46

Essay

The Jamison and Stephens partnership reports net income of $50000. Partner salary allowances are Jamison $18000 and Stephens $12000. Any remaining income is shared 60:40.
Instructions
Determine the amount of net income allocated to each partner.

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Definitions:

Abiotic Components

Non-living chemical and physical parts of the environment that affect living organisms.

Biotic

Term that indicates life; a cell is an example of a biotic factor in the environment.

Energy Flow

The movement of energy through a food chain or ecosystem, typically from the sun through producers to consumers and finally to decomposers.

Trophic Level

The position an organism occupies in a food chain, based on its feeding relationships, ranging from primary producers to apex predators.