Question

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Dividing Partnership Net Income Required: Steve Prince and Chelsy Dane formed a partnership, dividing income as follows: 1. Annual salary allowance to Prince of $95,760. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Prince and Dane, 1:2. Prince and Dane had $72,000 and $87,000, respectively, in their January 1 capital balances. Net Income for the year was $168,000. How much is distributed to Prince and Dane? Note: Compute partnership share. Prince: 1 Dane: X

Answer 1

C Partculars Prince Total 1 Dane $168,000 $95,760 $11,130 $61,110| $61,110 $168,000 2 Net income $95,760 $5,040 Salary $6,090 Interest 5 Remaining income Income share 7 Allocated share $20,370 $121,170 $40,740 $46,830 6 9 Allcated share: 10 Prince 11 Dane $121,170 $46,830

А В C Partculars 2 Net income Prince Total 1 Dane 168000 -SUM(B3:C3) 72000*0.07=87000*0.07SUM(B4:C4) -D2-D3-D4 -SUM(B6:C6) -SUM(B3:B6) -SUM(C3:C6) -SUM(B7:C7) 95760 0 Salary 3 Interest 4 5 Remaining income D5*(1/3) D5*(2/3) Income share 6 7 Allocated share 8 9 Allcated share: 10 Prince B7 11 Dane C7