Can anyone please help me with this question? Dividing Partnership Net IncomeRequired:Steve Queen and Chelsy Dane formed a partnership, dividing income as follows:1. Annual salary allowance to Queen of $162,450.2. Interest of 6% on each partner's capital balance on January 1.3. Any remaining net income divided to Queen and Dane, 1:2.Queen and Dane had $57,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $285,000. How much isdistributed to Queen and Dane?Note: Compute partnership share.S:uaand38,210 X76,420 XDane: $FeedbackCheck My WorkSet up a column for each partner and a total column. The amount of net income that should be distributed to each partner should include: thepartner's salary allowance, the interest on the partner's capital balance, and any remaining income divided based on the partnership agreement. Ifthe net income is less than the total of the salary and interest allowances, then the remaining net income to divide is a negative amount, asthough it were a net loss.

Partnership Definition: A partnership is an arrangement between two or more people to oversee…

Steve Queen and Chelsy Dane formed a partnership, dividing income as follows: 1. Annual salary allowance to Queen of $162,450. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to Queen and Dane, 1:2. Queen and Dane had $57,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $285,000. How much is distributed to Queen and Dane? Note: Compute partnership share. Queen: Dane: $ 76,420X TCheck My Work Set up a column for each partner and a total column. The amount of net income that should be distributed to each partner should include: the partner's salary allowance, the interest on the partner's capital balance, and any remaining income divided based on the partnership agreement. the net income is less than the total of the salary and interest allowances, then the remaining net income to divide is a negative amount, as though it were a net loss.

Steve Queen and Chelsy Dane formed a partnership, dividing income as follows: 1. Annual salary allowance to Queen of $162,450. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to Queen and Dane, 1:2. Queen and Dane had $57,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $285,000. How much is distributed to Queen and Dane? Note: Compute partnership share. Queen: Dane: $ 76,420X TCheck My Work Set up a column for each partner and a total column. The amount of net income that should be distributed to each partner should include: the partner's salary allowance, the interest on the partner's capital balance, and any remaining income divided based on the partnership agreement. the net income is less than the total of the salary and interest allowances, then the remaining net income to divide is a negative amount, as though it were a net loss.

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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