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Question
Singer and McMann are partners in a business. Singer’s original capital was $40,000 and McMann’s was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share the remaining profits and losses on a 3:2 ratio (3/5 to Singer and 2/5 to McMann), what will Singer’s share of the income be if the income for the year is $50,000?
a. $24,000
b. $22,000
c. $16,000
d. $23,400
Answer
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