Steve Queen and Chelsy Dane formed a partnership, dividing income as follows: 1. Annual salary allowance to Dane of $119,700. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Queen and Dane, 1:2. Queen and Dane had $81,000 and $93,000, respectively, in their January 1 capital balances. Net Income for the year was $210,000. How much is distributed to Queen and Dane? Note: Compute partnership share. Queen: $ Dane: $ Lilly has a capital balance of $105,000 after adjusting assets to fair market value. Lowman contributes $57,000 to receive a 40% Interest in a new partnership with Lilly. Determine the amount and recipient of the partner bonus. Amount of bonus Recipient of bonus Liquidating Partnerships Prior to liquidating their partnership, Todd and Brooks had capital accounts of $65,000 and $108,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $151,000. The partnership had $5,000 of liabilities. Todd and Brooks share income and losses equally Determine the amount received by Todd as a final distribution from liquidation of the partnership. Prior to liquidating their partnership, Jolly and Bain had capital accounts of $21,000 and $80,000, respectively. The partnership assets were sold for $41,000. The partnership had no liabilities. Jolly and Bain share income and losses equally. Required: a. Determine the amount of Jolly's deficiency. b. Determine the amount distributed to Bain, assuming Jolly is unable to satisfy the deficiency Revenue Per Employee Niles and Cohen, CPAs eamed $6,598,800 during 2074 using 78 employees. During 2045, the firm grew revenues to $7,692,500 and expanded the staff to 85 employees. Required: a. Determine the revenue per employee for each year. Revenue Per Employee 2014 2015 the growth in the number of employees; thus, the revenue per employee b. The growth in revenue was between the two years