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How much net income should be distributed to Chen and Monroe

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Problem - Lia Chen and Martin Monroe formed a partnership, dividing income as follows:

1. Annual salary allowance to Chen of $35,000.

2. Interest of 4% on each partner's capital balance on January 1.

3. Any remaining net income divided to Chen and Monroe, 2:1.

Chen and Monroe had $90,000 and $140,000, respectively, in their January 1 capital balances. Net income for the year was $70,000.

How much net income should be distributed to Chen and Monroe?

Reference no: EM132692941

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