Ray Davies and Dave Davies formed a partnership, investing $

Assignment Help Finance Ray Davies and Dave Davies formed a partnership, investing $

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Ray Davies and Dave Davies formed a partnership, investing $

Ray Davies and Dave Davies formed a partnership, investing $750,000 and $220,000 respectively. The… Show more Ray Davies and Dave Davies formed a partnership, investing $750,000 and $220,000 respectively. The partnership agreement calls for a return of 6% interest on their original investment, Ray is to have a salary of $80,000 per year, Dave is to have a salary of $120,000 and the remainder divided in the ratio of 2:1. Determine the income distribution if the net income of the partnership for the year is $650,000. Given the information above, and with an additional investment in the partnership by Ray Davies of $70,000, and a withdrawal by Dave Davies of $12,000 please prepare a statement of Partner’s Equity • Show less

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