Question
Dividing Partnership Net Income Required: Steve Queen and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance to Queen of $135,700. Interest
Dividing Partnership Net Income Required: Steve Queen and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance to Queen of $135,700. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to Queen and Bernard, 1:2. Queen and Bernard had $88,640 and $112,600, respectively, in their January 1 capital balances. Net income for the year was $230,000. How much is distributed to Queen and Bernard?
Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollar.
Queen: $
Bernard: $
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Audit Of The Financial Stability Oversight Councils Designation Of Financial Market Utilities Report To The Financial Stability Oversight Council And The Congress
Authors: The Council Of Inspectors General On Financial Oversight
1st Edition
1503369331, 978-1503369337
