Dividing Partnership Net Income
Required:
Steve Conyers and Chelsy Bernard formed a partnership, dividing income as follows:
Conyers and Bernard had $72,000 and $87,000, respectively, in their January 1 capital balances. Net income for the year was $228,000. How much is distributed to Conyers and Bernard?
Note: Compute partnership share.
Conyers: $
Bernard: $
Answer:
Conyers: $33,250
Bernard: $194,750
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Bernard formed a partnership, dividing income as...
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance to Conyers of $112,560. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to Conyers and Bernard, 1:2. Conyers and Bernard had $60,000 and $81,000, respectively, in their January 1 capital balances. Net income for the year was $201,000. How much is distributed to Conyers and Bernard? Note: Compute partnership share. Conyers: $...
Dividing Partnership Net tncome Required: Steve Conyers and Chelsy Bernard formed a partnership, dividing income as follons: 1. Annual salary allowance to Conyers of $109,620. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net inceme divided to Conyers and bernard, 1:2 Conyers and Bernard had $57,000 and $111.000, respectively, in their January 1 capital balances. Net inoonme for the year was $109,000. How much is distributed to Conyers and Bernard Note: Compute partnership...
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