Steve Jack and Chelsy Stevens formed a partnership, dividing income as follows: Annual salary allowance...
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Steve Jack and Chelsy Stevens formed a partnership, dividing income as follows: Annual salary allowance to Stevens of $112,560. Interest of 7% on each partner's capital balance on January 1. Any remaining net income divided to Jack and Stevens, 1:2. Jack and Stevens had $87,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $201,000. Required: How much net income should be distributed to Jack and Stevens?
Jack: $ 25,700
Stevens: $ 51,400
these are the wrong answers please help me figure out what I am doing wrong!
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