Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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: $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
