Steve Queen and Chelsy Stevens formed a partnership, dividing the income as follows: Annual salary allowance for

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Steve Queen and Chelsy Stevens formed a partnership, dividing the income as follows:

Annual salary allowance for Stevens of $176,400.

6% interest on the principal balance of each partner on January 1.

Any remaining net income split between Queen and Stevens, 1:2.

Queen and Stevens had $88,640 and $105,080, respectively, in their principal balances as of January 1.

Net income for the year was $315,000.

How much is distributed to Queen and Stevens?

Related Book For answer-question

Financial Accounting

ISBN: 978-1133952428

12th Edition

Authors: Warren, Reeve, Duchac

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Posted Date: May 16, 2023 02:03 AM

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Steve Queen and Chelsy Stevens formed a partnership, dividing the income as follows: Annual salary allowance for

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To calculate the distribution to Queen and Stevens we need to follow the given rules and calc... View the full answer

Financial Accounting

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