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How much net income should be distributed to mooney

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Reference no: EM131125700

Brandon Smithson and Lakendra Mooney formed a partnership, dividing income as follows:

1. Annual salary allowance to Mooney of $53,000.

2. Interest of 14% on each partner's capital balance on January 1.

3. Any remaining net income divided equally.

Smithson and Mooney had $50,000 and $150,000, respectively, in their January 1 capital balances. Net income for the year was $240,000.

How much net income should be distributed to Mooney?

Reference no: EM131125700

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