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 $11,900 and that Bright should receive a $23,100 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 $58,500. (Enter all allowances as positive values. Enter losses as negative values.) Total 58,500 Allocation of Partnership Income Stolton Bright Not Income Salary allowances Balance of income Balance allocated equally Balance of income Shares of the partners
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