Question
Emmett and Sierra formed a partnership dividing income as follows: Annual salary allowance to Emmett of $41,800 Interest of 8% on each partner's capital balance
Emmett and Sierra formed a partnership dividing income as follows:
- Annual salary allowance to Emmett of $41,800
- Interest of 8% on each partner's capital balance on January 1
- Any remaining net income divided equally.
Emmett and Sierra had $31,400 and $129,900, respectively in their January 1 capital balances. Net income for the year was $200,200.
How much net income should be distributed to Emmett?
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Advanced Financial Accounting
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
10th edition
78025621, 978-0078025624
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