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Steve Conyers and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Conyers of $154,560. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Boxer, 1:2. Conyers and Boxer had $54,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $276,000. Required: How much net income should be distributed to Conyers and Boxer? Conyers: $ 213,570 X Boxer: $ 62,430 X

Steve Conyers and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Conyers of $154,560. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Boxer, 1:2. Conyers and Boxer had $54,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $276,000. Required: How much net income should be distributed to Conyers and Boxer? Conyers: $ 213,570 X Boxer: $ 62,430 X

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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Steve Conyers and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Conyers of $154,560. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Boxer, 1:2. Conyers and Boxer had $54,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $276,000. Required: How much net income should be distributed to Conyers and Boxer? Conyers: $ 213,570 X Boxer: $ 62,430 X
Transcribed Image Text:Steve Conyers and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Conyers of $154,560. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Boxer, 1:2. Conyers and Boxer had $54,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $276,000. Required: How much net income should be distributed to Conyers and Boxer? Conyers: $ 213,570 X Boxer: $ 62,430 X
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