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did some of it but it doesnt add up, help is welcomed !! View Policies Current Attempt in Progress Adam & Daniel Co. reports net
did some of it but it doesnt add up, help is welcomed !!
View Policies Current Attempt in Progress Adam & Daniel Co. reports net income of $42,500. The partnership agreement provides for annual salaries of $26,000 for Adam and $16,500 for Daniel and interest allowances of $3,800 to Adam and $6,300 to Daniel. Any remaining income or loss is to be shared 80% by Adam and 20% by Daniel. Compute the amount of net income distributed to each partner. (If an amount reduces the account balance then enter with a negative sign preceding the number eg.-15,000 or parentheses es. (15,000)) Division of Net Income Adam Daniel Total $ Salary allowance 26000 S 16500 $ 42500 3800 6300 10100 Interest allowance 29800 22800 52600 Total salaries and interest 12020 (10100) (8080) Remaining deficiency Step by Step Solution
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