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com/irntakeAsignment/take-hisignmentMaindto?hnwowolt asinmentatesgmanisarcontocast eBook Show Me HowCalculator Dividing Partnership Net Income Required: Steve lack and Chelsy Stevens formed a partnership, dividing iIncome as follows: 1. Annual salary allowance to Stevens of $179/200 2. Interest of 5% on each partner's capital balance on. January 1. 3. Any remaining net income divided to Jack and Stevens, 1:2. Jack and Stevens had $99,680 and $112,600, respectively, in their January 1 capital balances. Net income for the year was $320,000. How much is distributed to Jack and Stevens? Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dolla Jack: Stevens Fe Set up a column for each partner and a total column. The amount of net income that should be distributed to each partner should include: the partner's salary allowance, the interest on the partner's capital balance, and any remaining income divided based on the partnership agreement. If the net income is less than the total of the salary and interest allowances, then the remaining net income to divide is a negative amount, as though it were a net loss.

Explanation / Answer

Calculate partnership share :

Jack = $48379

Stevens = $271621

Jack Stevens Total Net income 320000 Annual salary 0 179200 (179200) Interest on capital 4984 5630 (10614) Balance income 130186 Balance income distribution 43395 86791 (130186) Share in partnership income 48379 271621

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