Dividing Partnership Net Income Required: Steve Jack and Chelsy Bernard formed a partnership, dividing income...
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Dividing Partnership Net Income Required: Steve Jack and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance to Jack of $116,820. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to Jack and Bernard, 1:2. Jack and Bernard had $57,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $198,000.
How much is distributed to Jack and Bernard?
Note: Compute partnership share.
Jack: $ Bernard: $
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