Steve Prince and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance to Dane

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Steve Prince and Chelsy Dane formed a partnership, dividing income as follows:

Annual salary allowance to Dane of $97,350.

The interest of 5% on each partner's capital balance on January 1.

Any remaining net income is divided between Prince and Dane, 1:2.

Prince and Dane had $93,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $177,000.

How much is distributed to Prince and Dane?

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Smith and Roberson Business Law

ISBN: 978-0538473637

15th Edition

Authors: Richard A. Mann, Barry S. Roberts

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Posted Date: Nov 22, 2022 04:00 PM

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Steve Prince and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance to Dane

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Smith and Roberson Business Law

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