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Stolton and Bright are partners in a business they started two years ago. The partnership...

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Accounting

Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $35,000 and that Bright should receive a $26,000 salary allowance. Any remaining income or loss is to be shared in the ratio of 60% to Stolton, and 40% to Bright. Required: Determine each partners share of the current years net income of $88,000. Net income $88,000 Stolton Bright Salary allowances $35,000 $26,000 Share of remaining income (loss) 60% 40% Allocation of Partnership Income Stolton Bright Total Net income Salary allowances Balance of income Balance allocated to partners Bala

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Stolton and Bright are partners in a hukinsee irship agreement states that Stolton DO salary allowance. Any remaining

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