Question
Emerson and Dakota formed a partnership dividing income as follows: Annual salary allowance to Emerson of $39,000 Interest of 8% on each partner's capital balance
Emerson and Dakota formed a partnership dividing income as follows:
Annual salary allowance to Emerson of $39,000
Interest of 8% on each partner's capital balance on January 1
Any remaining net income divided equally.
Emerson and Dakota had $26,600 and $126,700, respectively in their January 1 capital balances. Net income for the year was $221,100.
How much net income should be distributed to Emerson?
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The Volunteers Audit Guide For Churches And Other Non Profits A Step By Step Workbook For Internal Reviews Of Non Profit Organizations
Authors: Edd Breeden
1st Edition
1079582401, 978-1079582406
