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How much is distributed to king and stevens

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Question

Dividing Partnership Net Income

Required:

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

Annual salary allowance to King of $114,840.

Interest of 5% on each partner's capital balance on January 1.

Any remaining net income divided to King and Stevens, 1:2.

King and Stevens had $96,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $198,000. How much is distributed to King and Stevens?

Note: Compute partnership share.

King: $

Stevens: $

Reference no: EM132378701

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