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Tanner and Teresa share income and losses in a 2:1 ratio (2/3 to Tanner and 1/3 to Teresa) after allowing for salaries of $45 to Tanner and $70,800 to Teresa. Net income of the partnership is $133,800. How should income be divided for Tanner and Teresa? Oa. Tanner, $54,000, Teresa, $79,800 Ob. Tanner, $80,800; Teresa, $53,000 Oc. Tanner, $53,000, Teresa, $80,800 Od Tanner $58.000 Teresa $75.800

Tanner and Teresa share income and losses in a 2:1 ratio (2/3 to Tanner and 1/3 to Teresa) after allowing for salaries of $45 to Tanner and $70,800 to Teresa. Net income of the partnership is $133,800. How should income be divided for Tanner and Teresa? Oa. Tanner, $54,000, Teresa, $79,800 Ob. Tanner, $80,800; Teresa, $53,000 Oc. Tanner, $53,000, Teresa, $80,800 Od Tanner $58.000 Teresa $75.800

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tanner and Teresa share income and losses in a 2:1 ratio (2/3 to Tanner and 1/3 to Teresa) after allowing for salaries of $48,000 to Tanner and $70,800 to Teresa. Net income of the partnership is $133,800. How should income be divided for Tanner and Teresa? a. Tanner, $54,000; Teresa, $79,800 O b. Tanner, $80,800; Teresa, $53,000 c. Tanner, $53,000; Teresa, $80,800 d. Tanner, S58,000; Teresa, $75,800
Transcribed Image Text:Tanner and Teresa share income and losses in a 2:1 ratio (2/3 to Tanner and 1/3 to Teresa) after allowing for salaries of $48,000 to Tanner and $70,800 to Teresa. Net income of the partnership is $133,800. How should income be divided for Tanner and Teresa? a. Tanner, $54,000; Teresa, $79,800 O b. Tanner, $80,800; Teresa, $53,000 c. Tanner, $53,000; Teresa, $80,800 d. Tanner, S58,000; Teresa, $75,800
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