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Dividing Partnership Net Income Steve King and Chelsy Stevens formed a partnership, dividing income as follows: Annual salary allowance to Stevens of $ 1 6
Dividing Partnership Net Income
Steve King 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 King and Stevens, :
King 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 King and Stevens?
King: $
Stevens: $
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