Stolton and Bright are partners in a business they started two years ago. The partnership agreement...
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Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $13,100 and that Bright should receive a $18,900 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner's share of the current year's net income of $50,200. (Enter all allowances as positive values. Enter losses as negative values.) Allocation of Partnership Income Stolton Bright Total Net Income Salary allowances Balance of income Balance allocated equally 50,200 Balance of income Shares of the partners %24 Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $13,100 and that Bright should receive a $18,900 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner's share of the current year's net income of $50,200. (Enter all allowances as positive values. Enter losses as negative values.) Allocation of Partnership Income Stolton Bright Total Net Income Salary allowances Balance of income Balance allocated equally 50,200 Balance of income Shares of the partners %24
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