Solution : | ||||
Net income should be distributed to Dakota | ||||
Salary | 0 | |||
Interest ( 10% of $ 121,200) | 12120 | |||
Remaining Income (50% of $179560) | 89780 | |||
Net Income Distributed to Dakota | 101900 | |||
Calculation of Remaining Income | ||||
Net Income | $238,800 | |||
Less : Salary allowance to Emerson | $43,600 | |||
Less : Interest paid to Emerson | $3,520 | |||
($ 35200 x 10%) | ||||
Less : Interest paid to Dakota | $12,120 | |||
( $ 121,200 x 10%) | ||||
Net Income for distributable | $179,560 | |||
50% Remaining Income of Dakota | $89,780 | |||
Calculator Emerson and Dakota formed a partnership dividing income as follows: 1. Annual salary allowance to...
Emerson and Dakota formed a partnership dividing income as follows: 1. Annual salary allowance to Emerson of $43,600 2. Interest of 10% on each partner's capital balance on January 1 3. Any remaining net income divided equally. Emerson and Dakota had $35,600 and $127,200, respectively, in their January 1 capital balances. Net income for the year was $226,400. How much net income should be distributed to Dakota?
Steve Prince and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allowance to Poodle of $89,100. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to Prince and Poodle, 1:2. Prince and Poodle had $69,000 and $117,000, respectively, in their January 1 capital balances. Net income for the year was $162,000. How much is distributed to Prince and Poodle?
Steve Queen and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Queen of $111,510. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to Queen and Boxer, 1:2. Queen and Boxer had $60,000 and $99,000, respectively, in their January 1 capital balances. Net income for the year was $189,000. How much is distributed to Queen and Boxer? Note: Compute partnership share. Queen: $ Boxer: $
Steve King and Chelsy Dane formed a partnership, dividing income as follows: 1.Annual salary allowance to Dane of $154,560. 2.Interest of 7% on each partner's capital balance on January 1. 3.Any remaining net income divided to King and Dane, 1:2. King and Dane had $63,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $276,000. How much is distributed to King and Dane? Note: Compute partnership share.
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: $
Steve Conyers and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance to Bernard of $92,340. 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 $81,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $162,000. How much is distributed to Conyers and Bernard? Note: Compute partnership share. Conyers: $ Bernard: $
Lia Chen and Martin Monroe formed a partnership, dividing income as follows: Annual salary allowance to Chen of $35,000. Interest of 4% on each partner’s capital balance on January 1. Any remaining net income divided to Chen and Monroe, 2:1. Chen and Monroe had $90,000 and $140,000, respectively, in their January 1 capital balances. Net income for the year was $70,000. Required: How much net income should be distributed to Chen and Monroe? Chen: $ Monroe: $ Feedback Set up...
Dividing Partnership Net Income Required: Steve Prince and Chelsy Boxer formed a partnership, dividing income as follows: Annual salary allowance to Boxer of $95,760. Interest of 7% on each partner's capital balance on January 1. Any remaining net income divided to Prince and Boxer, 1:2. Prince and Boxer had $57,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $171,000. How much is distributed to Prince and Boxer? Note: Compute partnership share. Prince: $...
Dividing Partnership Net Income Required: Steve Prince and Chelsy Boxer formed a partnership, dividing income as follows: Annual salary allowance to Boxer of $100,890. Interest of 6% on each partner's capital balance on January 1. Any remaining net income divided to Prince and Boxer, 1:2. Prince and Boxer had $93,000 and $99,000, respectively, in their January 1 capital balances. Net income for the year was $171,000. How much is distributed to Prince and Boxer? Note: Compute partnership share. Prince: $...
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: $...