(Answered) Question dividing partnership net incomesteve conyers and

Accounting

Question: Dividing Partnership Net Income

Steve Conyers and Chelsy Dane formed a partnership, dividing income as follows:

Annual salary allowance to Conyers of $35,000.

Interest of 8% on each partner's capital balance on January 1.

Any remaining net income divided equally.

Dane and Conyers had $39,000 and $109,000, respectively, in their January 1 capital balances. Net income for the year was $175,000. How much net income should be distributed to Conyers?

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