Business, 14.04.2020 20:27, vmosley8648
Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allowance to Conyers of $97,350. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to Conyers and Poodle, 1:2. Conyers and Poodle had $54,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $165,000.
How much is distributed to Conyers and Poodle? Note: Compute partnership share.
Answers: 3
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