Dividing Partnership Net Income Required: Steve Conyers and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Conyers of $156,600 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Boxer, 1:2. Conyers and Boxer had $78,000 and $93,000, respectively, in their January 1 capital balances. Net income for the year was $270,000. How much is distributed to Conyers and Boxer? Note: Compute partnership share. Conyers: $ Boxer: $ Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $202,500 and $67,500, respectively. Determine their participation in the year's net income of $290,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3 d. Salary allowances of $36,000 and $45,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 6% on original investments, salary allowances of $36,000 and $45,000, respectively, and the remainder divided equally. Albright Hawes (a) (b) C) (d) (e) $ Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $108,000 and $162,000, respectively. Determine their participation in the year's net income of $108,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:2 d. Salary allowances of $34,000 and $47,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 5% on original investments, salary allowances of $34,000 and $47,000, respectively, and the remainder divided equally. Albright Hawes (a) (b) (C) (d) (e)