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How much is distributed to Conyers and Poodle

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1. Annual salary allowance to Poodle of 147,900.

2. Interest of 6% on each partners capital balance on Jan 1.

3 any remaining net income divided to Conyers and Poodle, 1:2.

Conyers and Poodle had $94,160 and $75,000, respectively, in their Jan 1 capital balances. Net income for the year was $255,000. How much is distributed to Conyers and Poodle? Compute shares to two decimal places.

Reference no: EM132513612

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