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Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of
Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $10,000 and that Bright should receive a $18,900 salary allowance. Any remaining income or loss is to be shared equally Determine each partner's share of the current year's not income of $58,500. (Enter all allowances as positive values. Enter losses as negative values.) Allocation of Partnership locom Stoon Total 58,500 10.100 $ 10.100 Not income Salary allowances Balance of income Balance allocated equally Balance of income Shares of the partners 0 $ 0 $ 10.1005 0
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