Dividing Partnership Net Income Required: Steve Conyers and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance to Dane of $172,260. Interest of 6% on each partner's capital balance on January 1. Any remaining net income divided to Conyers and Dane, 1:2. Conyers and Dane had $87,000 and $87,000, respectively, in their January 1 capital balances. Net income for the year was $297,000. How much is distributed to Conyers and Dane? Note: Compute partnership share. Conyers: $ Dane: $

Dividing Partnership Net Income Required: Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Conyers of $125,280. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Stevens, 1:2. Conyers and Stevens had $66,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $216,000. How much is distributed to Conyers and Stevens? Note: Compute partnership share. Conyers: $ Stevens: $

Rex and Kelsey are partners who share income in the ratio of 3:2. Their capital balances are $95,000 and $140,000 respectively, on January 1. The partnership generated net income of $40,000 for the year. What is Rex's capital balance after closing the revenue and expense accounts to the capital accounts? a. $71,000 b. $119,000 c. $146,000 d. $111,000 e. None of the above.

Dividing Partnership Income. Tyler Hawes and Piper Albright formed a partnership, investing $210,000 and $70,000, respectively. Determine their participation in the year's net income of $110,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:2. d. Salary allowances of $40,000 and $48,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 5% on original investments, salary allowances of $40,000 and $48,000, respectively, and the remainder divided equally. Hawes Albright (a) (b) (c) (d) (e) 00000 00000

Domestic

Dividing Partnership Net IncomeSteve Queen and Chelsy Bernard formed a partnership, dividing income as follows:Annual salary allowance to Queen of $112, 560. Interest of 6% on each partner's capital balance on January 1. Any remaining net income divided to Queen and Bernard, 1:2. Queen and Bernard had $51,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $201,000. How much net income should be distributed to Queen and Bernard?

The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary.  Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A $10,000 C. ($12,000)

Nicholas and Sarah began a partnership by investing $52,000 and $78,000. During the first year running, it had net income $180,000 A. allocation based on no agreement B. allocation based on partner initial investment C. allocation based on partnership conditions                                             Nicholas   Sarah 1) salary allowance       85000     65000 2) Interest allowance   10%on initial investment 3) split rest of balance equally

Dividing Partnership Net Income Steve King and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Boxer of $88,740. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to King and Boxer, 1:2. King and Boxer had $81,000 and $99,000, respectively, in their January 1 capital balances. Net income for the year was $153,000. Required: How much net income should be distributed to King and Boxer? King: $ Boxer: