Blake and matthew are partners who agree that blake will receive a $100,000 salary allowance and that any remaining income or loss will be shared equally. if matthew’s capital account is credited for $2,000 as his share of the net income in a given period, how much net income did the partnership earn in that period?

$1,004,000.

Explanation:

We have been given that Blake and Matthew are partners who agree that Blake will receive a $100,000 salary allowance and that any remaining income or loss will be shared equally.

Matthew’s capital account is credited for $2,000 as his share of the net income in a given period.

Since both partners will get equal part of remaining income or loss, so Blake will get $2,000 as his share of the net income.

Total net income for the period would be Blake's salary allowance plus amount shared in both persons of net income.

Therefore, the total net income of the partnership in that period would be $1,004,000.

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