Question
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allowance to Poodle of $170,500. Interest
Dividing Partnership Net Income
Required:
Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows:
- Annual salary allowance to Poodle of $170,500.
- Interest of 6% on each partner's capital balance on January 1.
- Any remaining net income divided to Conyers and Poodle, 1:2.
Conyers and Poodle had $77,600 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $310,000. How much is distributed to Conyers and Poodle?
Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollar. Conyers: $ Poodle: $
PS: 48104 or 46860 or 48144 or 69828 (Conyers) and 261896 or 240172 or 263140 (Poodle) - are NOT the correct answer and I need the correct answer..PLEASE
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