Emerson and dakota had 25000 and 140000 respectively in, Ask an Expert

Accounting

Emerson and Dakota formed a partnership dividing income as follows:

1. Annual salary allowance to Emerson of $48,000
2. Interest of 8% on each partner's capital balance on January 1
3. Any remaining net income divided equally.

Emerson and Dakota had $25,000 and $140,000 respectively in their January 1 capital balances. Net income for the year was $220,000.

How much net income should be distributed to Emerson?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M972872

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