Dividing Partnership Net Income Steve Queen and Chelsy Poodle formed a partnership, dividing income as...
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Accounting
Dividing Partnership Net Income
Steve Queen and Chelsy Poodle formed a partnership, dividing income as follows:
- Annual salary allowance to Queen of $125,280.
- Interest of 6% on each partner's capital balance on January 1.
- Any remaining net income divided to Queen and Poodle, 1:2.
Queen and Poodle had $96,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $216,000.
Required:
How much net income should be distributed to Queen and Poodle? Queen: $fill in the blank 1 Poodle: $fill in the blank 2
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