divided equally. 00 and $133,600, respectively in their Jar be distributed to Emmett?
divided equally. 00 and $133,600, respectively in their Jar be distributed to Emmett?
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
Problem 2CE
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Transcribed Image Text:Emmett and Sierra formed a partnership dividing income as follows:
1. Annual salary allowance to Emmett of $42,100
2. Interest of 8% on each partner's capital balance on January 1
3. Any remaining net income divided equally.
Emmett and Sierra had $21,600 and $133,600, respectively in their January 1 capital balances. Net income for the year was $232,800.
How much net income should be distributed to Emmett?
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