Question

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 $10,100 and that Bright should receive a $20,600 salary allowance Any remaining income or loss is to be shared equally Determine each partner's share of the current year's net income of $52,700. (Enter all allowances as positive values. Enter losses as negative values.) Allocation of Partnership Income Stolton Bright Total Net Income Salary allowances Balance of income Balance allocated equally Balance of income Shares of the partners

Answer 1

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Answell Allocation of Partnership Income stolton Bught Total $52,700 $ 10,100 Net Income Salary Allowance Balance of Income Balance allocated equally Balance of Income $20,600 ($30, 700) $22,000 $11,000 $11,000 $22.000) shares of the Partners $21,100 $31,600 $52,700