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Dividing Partnership Net Income Steve Jack and Chelsy Stevens formed a partnership, dividing income as follows: Annual salary allowance to Stevens of $ 1 1
Dividing Partnership Net Income
Steve Jack and Chelsy Stevens formed a partnership, dividing income as follows:
Annual salary allowance to Stevens of $
Interest of on each partner's capital balance on January
Any remaining net income divided to Jack and Stevens, :
Jack and Stevens had $ and $ respectively, in their January capital balances. Net income for the year was $
Required:
How much net income should be distributed to Jack and Stevens?
Jack: $fill in the blank
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