Print Item p Net Income Required: Steve Conyers and Chelsy Boxer formed a partne

Question

Print Item p Net Income Required: Steve Conyers and Chelsy Boxer formed a partnership, dividing income as ollows: 1. Annual salary allowance to Conyers of $46,000. 2. Interest of 10% on each partner's capital balance on January 1. 3. Any remaining net income divided to Boxer and Conyers, 2:1. Conyers and Boxer had $42,000 and $121,000, respectively, in their January 1 capital balances. Net income for the year was $220,000. How much net income should be distributed to Conyers and Boxer? Round answers to the nearest whole dollar Conyers: Boxer: Previous Next 615 PM o@en, a. 5

Explanation / Answer

CALCULATE HOW MUCH NET INCOME DISTRIBUTED TO CONYERS AND BOXER :

Conyers Boxer Salary allowances 46000 Interest on capital @ 10% 4200 12100 Balance distribute (2;1) 105133 52567 Total distribution 155333 64667

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