Emmett and Sierra formed a partnership dividing income as follows:1. Annual salary allowance to Emmett of $42,1002. Interest of 8% on each partner's capital balance on January 13. Any remaining net income divided equally.Emmett and Sierra had $21,600 and $133,600, respectively in their January 1 capital balances. Net income for the year was $232,800.How much net income should be distributed to Emmett?

To calculate Emmett share in the net income, Salary and interest must be distributed . The total of…

Answered: divided equally. 00 and $133,600,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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divided equally. 00 and $133,600, respectively in their Jar be distributed to Emmett?