Steve Prince and Chelsy Poodle formed a partnership, dividing income as follows: 1. Annual salary allowance to

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

1. Annual salary allowance to Prince of $88,500.

2. Interest of 7% on each partner's capital balance on January 1.

3. Any remaining net income divided to Prince and Poodle, 1:2.

Prince and Poodle had $51,000 and $81,000, respectively, in their January 1 capital balances. Net income for the year was $150,000. How much is distributed to Prince and Poodle?

Posted Date: Apr 08, 2022 02:18 AM

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Steve Prince and Chelsy Poodle formed a partnership, dividing income as follows: 1. Annual salary allowance to

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Expert Answer:

Prince Poodle Total Net Income 150000 Salary 88500 88... View the full answer

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