Steve King and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance...
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Accounting
Steve King and Chelsy Bernard formed a partnership, dividing income as follows:
Annual salary allowance to Bernard of $137,500.
Interest of 6% on each partner's capital balance on January 1.
Any remaining net income divided to King and Bernard, 1:2.
King and Bernard had $94,160 and $112,600, respectively, in their January 1 capital balances. Net income for the year was $250,000. How much is distributed to King and Bernard?
Note: Compute partnership share (no interim rounding), round final answers to the nearest whole dollar. King: $ Bernard: $
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