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Steve Prince and Chelsy Bernard formed a partnership, dividing income as follows: Prince Bernard Annual salary allowance 48,000 Interest on capital balance 8% 8% Jan
| Steve Prince and Chelsy Bernard formed a partnership, dividing income as follows: | |||
| Prince | Bernard | ||
| Annual salary allowance | 48,000 | ||
| Interest on capital balance | 8% | 8% | |
| Jan 1 capital balances | 30,000 | 120,000 | |
| Net income for the year | 360,000 | ||
| How much net income should be distributed to Prince and Bernard?
| |||
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Comprehensive Assurance & Systems Tool
Authors: Laura R. Ingraham, Greg Jenkins
4th Edition
0134790472, 9780134790473
