Question
Emmett and Sierra formed a partnership dividing income as follows: Annual salary allowance to Emmett of $38,500 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 $38,500 Interest of 8% on each partner's capital balance on January 1 Any remaining net income divided equally. Emmett and Sierra had $20,800 and $122,600, respectively in their January 1 capital balances. Net income for the year was $207,900.
How much net income should be distributed to Emmett?
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Government Auditing Standards 2011 Revision
Authors: U. S. Government Accountability Office, Comptroller General Of The United States
1st Edition
1482311372, 978-1482311372
