The Jones and Yancey Partnership Reports Net Income of $45,000

question 8

Essay

The Jones and Yancey partnership reports net income of $45,000. Partner salary allowances are Jones $18,000 and Yancey $12,000. Any remaining income is shared 60:40.
Instructions
Determine the amount of net income allocated to each partner.

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Definitions:

Fourteenth Amendment

The Fourteenth Amendment to the United States Constitution, ratified in 1868, granted citizenship to all persons born or naturalized in the United States, including formerly enslaved people, and provided all citizens with “equal protection under the laws.”

Due Process Clause

Constitutional guarantees that provide individuals the right to fair governmental procedures and trials.

Double Jeopardy Clause

A provision of the Fifth Amendment to the U.S. Constitution that protects individuals from being tried twice for the same offense in the same jurisdiction.

Gideon's Rule

A legal principle stemming from Gideon v. Wainwright (1963) that guarantees the right to free legal representation for defendants in criminal cases who cannot afford an attorney.