driana Gonzalez and Sylvester Van Horne formed a partnership, dividing income as follows: Annual salary allowance to Gonzalez of $25,000. Interest of 5% on each partner’s capital balance on January 1. Any remaining net income divided to Gonzalez and Van Horne, 2:1. Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,000. Required: How much net income should be distributed to Gonzalez and Van Horne? Gonzalez: $fill in the blank 1 Van Horne: $fill in the blank 2
driana Gonzalez and Sylvester Van Horne formed a partnership, dividing income as follows: Annual salary allowance to Gonzalez of $25,000. Interest of 5% on each partner’s capital balance on January 1. Any remaining net income divided to Gonzalez and Van Horne, 2:1. Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,000. Required: How much net income should be distributed to Gonzalez and Van Horne? Gonzalez: $fill in the blank 1 Van Horne: $fill in the blank 2
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
Problem 3SEB
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driana Gonzalez and Sylvester Van Horne formed a
- Annual salary allowance to Gonzalez of $25,000.
- Interest of 5% on each partner’s capital balance on January 1.
- Any remaining net income divided to Gonzalez and Van Horne, 2:1.
Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,000.
Required:
How much net income should be distributed to Gonzalez and Van Horne?
Gonzalez: $fill in the blank 1
Van Horne: $fill in the blank 2
I got this question wrong for Gonzalez I put 49500 and Van home 24750 wrong.
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