Solution-Dividing partnership net income

Dividing partnership net income

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Reference no: EM13534131

Dividing partnership net income

Alex Conyers and Shaunika Stevens formed a partnership, dividing income as follows:

1. Annual salary allowance to Stevens of $45,000.

2. Interest of 8% on each partner's capital balance on January 1.

3. Any remaining net income divided equally.

Conyers and Stevens had $50,000 and $160,000, respectively, in their January 1 capital balances. Net income for the year was $200,000.
How much net income should be distributed to Stevens?

Reference no: EM13534131

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Dividing partnership net income

Reference no: EM13534131

Reference no: EM13534131

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