Homework Answers
Answer - Lara's distributive share is $15000
Reason - guaranteed payment are the payment irrespective of profit or loss in business. In other words it's an assurance for the receiver of it and a fixed expense for the firm which will be spent irrespective of whether the firm has earned profit or loss. The remaining share after deducting the guaranteed share is distributed among partners in Their distributive share.
In present case the firm has $50000 income before deducting guaranteed Payment. After deducting guaranteed payment of $20000 the Income comes down to $30000. And with 50% share, Lara's distributive share will be 30000*50% = 15000.
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