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Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $10,700 and that Bright should receive a $20,600 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner's share of the current year's net income of $54,000. Note: Enter all allowances as positive values. Enter losses, if any, as negative values. Allocation of Partnership Income Stolton Net income Salary allowances Bright Total $ 54,000 0 Balance of income Balance allocated equally 0 Balance of income $ 0 Shares of the partners $ 0 $ 0

Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $10,700 and that Bright should receive a $20,600 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner's share of the current year's net income of $54,000. Note: Enter all allowances as positive values. Enter losses, if any, as negative values. Allocation of Partnership Income Stolton Net income Salary allowances Bright Total $ 54,000 0 Balance of income Balance allocated equally 0 Balance of income $ 0 Shares of the partners $ 0 $ 0

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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Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $10,700 and that Bright should receive a $20,600 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner's share of the current year's net income of $54,000. Note: Enter all allowances as positive values. Enter losses, if any, as negative values. Allocation of Partnership Income Stolton Net income Salary allowances Bright Total $ 54,000 0 Balance of income Balance allocated equally 0 Balance of income $ 0 Shares of the partners $ 0 $ 0
Transcribed Image Text:Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $10,700 and that Bright should receive a $20,600 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner's share of the current year's net income of $54,000. Note: Enter all allowances as positive values. Enter losses, if any, as negative values. Allocation of Partnership Income Stolton Net income Salary allowances Bright Total $ 54,000 0 Balance of income Balance allocated equally 0 Balance of income $ 0 Shares of the partners $ 0 $ 0
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