Dividing Partnership Net Income Required: Steve Jack and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary...

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Accounting

Dividing Partnership Net Income
Required:
Steve Jack and Chelsy Poodle formed a partnership, dividingincome as follows:
Annual salary allowance to Jack of $176,400.
Interest of 5% on each partner's capital balance on January1.
Any remaining net income divided to Jack and Poodle, 1:2.
Jack and Poodle had $77,600 and $82,520, respectively, in theirJanuary 1 capital balances. Net income for the year was $315,000.How much is distributed to Jack and Poodle?
Note: Compute partnership share to two decimalplaces. Round final answers to the nearest whole dollar.
Jack: $
Poodle: $

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Solution Given data Annual salary allowance to jack 176400 Interest on each partners capital balance on january 1 5 Partnership See Answer

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Dividing Partnership Net IncomeRequired:Steve Jack and Chelsy Poodle formed a partnership, dividingincome as follows:Annual salary allowance to Jack of $176,400.Interest of 5% on each partner's capital balance on January1.Any remaining net income divided to Jack and Poodle, 1:2.Jack and Poodle had $77,600 and $82,520, respectively, in theirJanuary 1 capital balances. Net income for the year was $315,000.How much is distributed to Jack and Poodle?Note: Compute partnership share to two decimalplaces. Round final answers to the nearest whole dollar.Jack: $______Poodle: $______