Mathematics, 30.12.2021 07:50, laylay120

Dividing Partnership Net Income Steve Queen and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance to Queen of $128,700. 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 $63,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $234,000. Required: How much net income should be distributed to Queen and Bernard?

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Dividing Partnership Net Income Steve Queen and Chelsy Bernard formed a partnership, dividing income...