Henry Carr and Noreen Mason formed a partnership, dividing income as follows: annual salary alowance to Carr of $42,000; interest of 8% on each partner's capital balance on January 1; any remaining net income is divided equally Carr and Mason had $66,000 and $154,000 in their January 1 capital balances, respectively. Net income for the year was 1444,000. How much net income should be distributed to Carr? Oa. $239,480 b. $42,000 OC. $222,000 d. $204,520

Henry Carr and Noreen Mason formed a partnership, dividing income as follows: annual salary alowance to Carr of $42,000; interest of 8% on each partner's capital balance on January 1; any remaining net income is divided equally Carr and Mason had $66,000 and $154,000 in their January 1 capital balances, respectively. Net income for the year was 1444,000. How much net income should be distributed to Carr? Oa. $239,480 b. $42,000 OC. $222,000 d. $204,520

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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