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The partnership agreement of Angela and Dawn has the following provisions

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June 8th, 2024

The partnership agreement of Angela and Dawn has the following provisions:The partners are to earn 10 percent on the average capital balance.Angela and Dawn are to earn salaries of $25,000 and $15,000, respectively.Any remaining income or loss is to be divided between Angela and Dawn using a 70:30 ratio.Angela’s average capital is $50,000 and Dawn’s is $30,000.Prepare an income distribution schedule assuming the income of the partnership is (a) $80,000, and (b) $20,000. Treat each case as independent of the other.Submit your answers in a Microsoft Excel sheet.

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