Brandon Smithson and Lakendra Mooney formed a partnership, dividing income as follows: 1. Annual salary allowance to
Question:
1. Annual salary allowance to Mooney of $53,000.
2. Interest of 14% on each partner’s capital balance on January 1.
3. Any remaining net income divided equally.
Smithson and Mooney had $50,000 and $150,000, respectively, in their January 1 capital balances. Net income for the year was $240,000.
How much net income should be distributed to Mooney?
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153500 net income to Mooney 1 150000 14 21000 2 50...View the full answer
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Related Book For 
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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