Dividing Partnership Net Income Steve Prince and Chelsy Bernard formed a partnership, dividing income as follows: 1. Annual salary allowance to Bernard of $168,780. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Prince and Bernard, 1:2. Prince and Bernard had $69,000 and $99,000, respectively, in their January 1 capital balances. Net income for the year was $291,000. How much net income should be distributed to Prince and Bernard? Prince: $ Bernard: $

Dividing Partnership Net Income Steve Prince and Chelsy Bernard formed a partnership, dividing income as follows: 1. Annual salary allowance to Bernard of $168,780. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Prince and Bernard, 1:2. Prince and Bernard had $69,000 and $99,000, respectively, in their January 1 capital balances. Net income for the year was $291,000. How much net income should be distributed to Prince and Bernard? Prince: $ Bernard: $

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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