Alex Conyers and Shaunika Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to

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Alex Conyers and Shaunika Stevens formed a partnership, dividing income as follows:

1. Annual salary allowance to Stevens of $45,000.

2. Interest of 8% on each partner’s capital balance on January 1.

3. Any remaining net income divided equally.

Conyers and Stevens had $50,000 and $160,000, respectively, in their January 1 capital balances. Net income for the year was $200,000.

How much net income should be distributed to Stevens?

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Financial Accounting

ISBN: 978-1133952428

12th Edition

Authors: Warren, Reeve, Duchac

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Question Posted: May 07, 2012 06:31 AM

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Alex Conyers and Shaunika Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to

Question:

Step by Step Answer:

Distributed to Conyers and Stevens Conyers Stevens Total Annual salary x 45000 4500...View the full answer

Financial Accounting

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