Lia chen and Martin Moore 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 january1 capital balances. Net income for the year was $70,000 How much net income should be distributed to chen and monroe?

Lia chen and Martin Moore 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 january1 capital balances. Net income for the year was $70,000 How much net income should be distributed to chen and monroe?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 7BCRQ

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