cengageNow 2] Onlin G Everett, Miguel, and Ran Chegg Study Guided s x x M Woot:

Question

cengageNow 2] Onlin G Everett, Miguel, and Ran Chegg Study Guided s x x M Woot: You have acres × w.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator-assignment-take;&inprogress-false; eBook Dividing Partnership Net Income Required Steve Prince and Chelsy Dane formed a partnership, dividing income as follows Show Me How Calculator Print Item 1. Annual salary allowance to Dane of $142,500. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Dane and Prince, 2:1. e and Dane had $94,160 and $112,600, respectively, in their January 1 capital balances. Net income for the year was $250,000. How much is distributed to Prince and Dane? Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollar. Prince Dane:

Explanation / Answer

1 Prince Dane Total Division of net income Salary allowance 142500 142500 Interest allowance 4708 5630 10338 Total 4708 148130 152838 Remaining income to be shared in 2:1 64775 32387 97162 Amount distributed 69483 180517 250000 2 Loss on sale of assets = (20000+77000)-35000= 62000 a Callie's deficiency = 20000-(62000/2) = 11000 b Amount distributed to Bain = 35000

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