Ann Stolton and Susie Bright are partners in a business they started two years ago. The...
Ann Stolton and Susie Bright are partners in a business they
started two years ago. The partnership agreement states that
Stolton should receive a salary allowance of $13,200 and that
Bright should receive a $19,300 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
$52,400.
Homework Answers
Answer-------
| Ann Staton | Susie Bright | |
| Share of net income distributed | $ 23,150.00 | $ 29,250.00 |
Working
| Ann Staton | Susie Bright | Profit Balance | ||
| Net Income | $ 52,400.00 | |||
| Salary | $ 13,200.00 | $ 19,300.00 | $ (32,500.00) | |
| Balance in net income | 19,900.00 | |||
| Remaining profit (19900/2) | $ 9,950.00 | $ 9,950.00 | $ (19,900.00) | |
| Total Distribution | $ 23,150.00 | $ 29,250.00 |
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