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: $

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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