Bruce Delew and Nadia Comatof formed a partnership, dividing income as follows: 1. Annual salary allowance to

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Bruce Delew and Nadia Comatof formed a partnership, dividing income as follows:

1. Annual salary allowance to Delew, $18,000 and Comatof, $51,000.

2. Interest of 5% on each partner’s capital balance on January 1.

3. Any remaining net income divided equally. Delew and Comatof had $36,000 and $91,000, respectively, in their January 1 capital balances. Net income for the year was $55,000. How much net income should be distributed to Delew and Comatof?

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Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

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Question Posted: Apr 09, 2021 01:56 PM

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Bruce Delew and Nadia Comatof formed a partnership, dividing income as follows: 1. Annual salary allowance to

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