Question

Ann Stolton and Susie Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $13,700 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 net income of $50,700. (Enter all values as positive amounts) Allocation of Partnership Income Total Stolton Bright Net Income 50,700 Salary allowances Balance of income Balance allocated equally Balance of income Shares of the partners

Answer 1

18,900.00 Allocation of partnership Income Stolton Bright Net Income Salary allowance $ 13,700.00 $ Balance of income Balance allocated equally $ 9,050.00 $ Balance of income Shares of the partners 22,750.00 $ Total $ $ $ $ 50,700.00 32,600.00 18,100.00 18,100.00 9,050.00 27,950.00