Dividing Partnership Net Income Required: Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Stevens of $111,510. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Stevens, 1:2. Conyers and Stevens had $102,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $189,000. How much dstributed to Conyers Stevens? Note: Compute partnership share. Conyers: S 66,517.5 X Stevens: $
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Stevens of $111,510. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Stevens, 1:2. Conyers and Stevens had $102,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $189,000. How much dstributed to Conyers Stevens? Note: Compute partnership share. Conyers: S 66,517.5 X Stevens: $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Dividing Partnership Net Income
Required:
Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows:
1. Annual salary allowance to Stevens of $111,510.
2. Interest of 7% on each partner's capital balance on January 1.
3. Any remaining net income divided to Conyers and Stevens, 1:2.
Conyers and Stevens had $102,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $189,000. How much dstributed to Conyers
Stevens?
Note: Compute partnership share.
Conyers: S 66,517.5 X
Stevens: $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4d26b270-cc71-4063-87dd-ee239d290c03%2F3be0efca-02f6-45a7-937a-69494e41b74c%2Fyevoxv.jpeg&w=3840&q=75)
Transcribed Image Text:Dividing Partnership Net Income
Required:
Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows:
1. Annual salary allowance to Stevens of $111,510.
2. Interest of 7% on each partner's capital balance on January 1.
3. Any remaining net income divided to Conyers and Stevens, 1:2.
Conyers and Stevens had $102,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $189,000. How much dstributed to Conyers
Stevens?
Note: Compute partnership share.
Conyers: S 66,517.5 X
Stevens: $
![](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4d26b270-cc71-4063-87dd-ee239d290c03%2F3be0efca-02f6-45a7-937a-69494e41b74c%2Figtjet8.jpeg&w=3840&q=75)
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education