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Emerson and Dakota formed a partnership dividing income as follows: Annual salary allowance to Emerson of $34,000 Interest of 10% on each partner's capital balance on January 1 Any remaining net income divided equally. Emerson and Dakota had $30,000 and $146,800, respectively, in their January 1 capital balances. Net income for the year was $201,600. How much net income should be distributed to Dakota? $fill in the blank 1

Emerson and Dakota formed a partnership dividing income as follows: Annual salary allowance to Emerson of $34,000 Interest of 10% on each partner's capital balance on January 1 Any remaining net income divided equally. Emerson and Dakota had $30,000 and $146,800, respectively, in their January 1 capital balances. Net income for the year was $201,600. How much net income should be distributed to Dakota? $fill in the blank 1

FINANCIAL ACCOUNTING
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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Emerson and Dakota formed a partnership dividing income as follows:

  1. Annual salary allowance to Emerson of $34,000
  2. Interest of 10% on each partner's capital balance on January 1
  3. Any remaining net income divided equally.

Emerson and Dakota had $30,000 and $146,800, respectively, in their January 1 capital balances. Net income for the year was $201,600.

How much net income should be distributed to Dakota?
$fill in the blank 1

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