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Steve Queen and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance to Bernard of $142,680. Interest of 7% on each partner's
Steve Queen and Chelsy Bernard formed a partnership, dividing income as follows:
- Annual salary allowance to Bernard of $142,680.
- Interest of 7% on each partner's capital balance on January 1.
- Any remaining net income divided to Queen and Bernard, 1:2.
Queen and Bernard had $75,000 and $93,000, respectively, in their January 1 capital balances. Net income for the year was $246,000. How much is distributed to Queen and Bernard?
Note: Compute partnership share. Queen: $ Bernard: $
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