Bender and Henderson Consultants share the net income of their partnership in the following manner: - Salaries are $30,000 each. - Interest on beginning capital is 9 percent. Bender's capital is $100,000 and Henderson's is $200,000. - The remaining net income or net loss after salaries and interest are paid is shared equally. Assume the net income for this year is $275,000. Calculate the amount of net income that will be distributed to each partner. You DO NOT have to complete a formal statement.

Bender and Henderson Consultants share the net income of their partnership in the following manner: - Salaries are $30,000 each. - Interest on beginning capital is 9 percent. Bender's capital is $100,000 and Henderson's is $200,000. - The remaining net income or net loss after salaries and interest are paid is shared equally. Assume the net income for this year is $275,000. Calculate the amount of net income that will be distributed to each partner. You DO NOT have to complete a formal statement.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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