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 Stoiton should receive a salary allowance of $16,300 and that Bright should receive a $20,200 salary allowance. Any remaining income or loss is to be shared equally Determine each partner's share of the current year's net income of $54,200. (Enter all allowances as positive values. Enter losses as negative values.) Allocation of Partnership Income Stolton Bright Net Income Total 54.200 36,500 $ 16,300 $ 20.200 Balance of income Balance allocated equally Balance of income Shares of the partners S 16 300 $ 20 2001
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