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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please don't provide answer in image format thank you
![Henry Car and Noreen Mason formed a partnership, dividing income as follows: annual salary allowance 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 166,000 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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa71fdef6-625b-4f6b-ba60-dc697dcf35aa%2F33dcc80c-cd96-45ce-8bad-3c846244c366%2F7x69ayk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Henry Car and Noreen Mason formed a partnership, dividing income as follows: annual salary allowance 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 166,000 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
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