Dividing Partnership Net Income Required: Steve King and Chelsy Stevens formed a partnership, dividing income...
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Accounting
Dividing Partnership Net Income
Required:
Steve King and Chelsy Stevens formed a partnership, dividing income as follows:
- Annual salary allowance to Stevens of $100,650.
- Interest of 6% on each partner's capital balance on January 1.
- Any remaining net income divided to King and Stevens, 1:2.
King and Stevens had $45,000 and $99,000, respectively, in their January 1 capital balances. Net income for the year was $183,000. How much is distributed to King and Stevens?
Note: Compute partnership share. King: $ Stevens: $
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