1. Dividing An unincorporated business form consisting of two or more persons conducting business as co-owners for profit.Partnership Net Income

Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows:

Annual salary allowance to Conyers of $54,000.

Interest of 11% on each partner's capital balance on January 1.

Any remaining net income divided equally.

Stevens and Conyers had $43,000 and $171,000, respectively, in their January 1 capital balances. Net income for the year was $285,000. How much net income should be distributed to Conyers?

2. Liquidating An unincorporated business form consisting of two or more persons conducting business as co-owners for profit.Partnerships

Prior to liquidating their partnership, Todd and Dunn had capital accounts of $33,000 and $60,000, respectively. Prior to The winding-up process when a partnership goes out of business.liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $88,000. The partnership had $3,000 of liabilities. Todd and Dunn share income and losses equally.

Determine the amount received by Dunn as a final distribution from liquidation of the partnership. $