Question
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allowance to Poodle of $99,000. Interest
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allowance to Poodle of $99,000. 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 $50,000 and $97,560, respectively, in their January 1 capital balances. Net income for the year was $180,000. 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: $
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