Louise Abbott and Buddie Costello are partners in a comedy club business.

| November 9, 2018

I have another question. I have tried this many times but still get the wrong answer. for 1. I get Abbott : -23,333 and Costello: – 11,667. Please help. Louise Abbott and Buddie Costello are partners in a comedy club business. The partnership agreement specifies the manner in which income of the business is to be distributed. Louise is to receive a salary of $20,000 for managing the club. Buddie is to receive interest at the rate of 10% on her capital balance of $300,000. Remaining income is to be distributed at a 2-to-1 ratio.Required:Determine the amount that should be distributed to each partner assuming the following business net incomes:Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Indicate losses with a minus sign.Income LevelAbbott’s Total ShareCostello’s Total Share1. $15,000$$2. $50,000$$3. $80,000$$

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