94 martinez and lopez are partners in business named builders 39 services for the ye 4303903

94.Martinez and Lopez are partners in business named Builders' Services. For the year ended December 31, 2016, net income for Builders' Services was $60,000.
Net income or loss is allocated on the basis of the balances of the partners' capital accounts at the beginning of the year. On January 1, 2016, the balances were Martinez, $48,000, and Lopez, $24,000.

1. How much of the net income will be allocated to Martinez?
2. How much of the net income will be allocated to Lopez? 
 
 

95.Escobar and Woods are partners who share profits and losses in the ratio of 60 and 40 percent, respectively. The partnership agreement provides that each will be paid a yearly salary of $18,000. The salaries were paid to the partners during 2016 and were charged to the partners' drawing accounts. The Income Summary account has a credit balance of $60,000 after revenue and expense accounts are closed at the end of the year.

1. What amount of net income or loss will be allocated to Escobar?
2. What amount of net income or loss will be allocated to Woods? 
 
 

96.Madison and Hamilton are partners who share profits and losses equally. The partnership agreement provides that Madison will be paid an annual salary of $40,000 and Hamilton will be paid an annual salary of $30,000. The salaries were paid to the partners during 2016 and were charged to the partners' drawing accounts. The Income Summary account has a credit balance of $80,000 after revenue and expense accounts are closed at the end of the year.

1. What amount of net income or loss will be allocated to Madison?
2. What amount of net income or loss will be allocated to Hamilton?