Business, 04.02.2021 22:30 kernlife

Dividing Partnership Net Income Adriana Gonzalez and Sylvester Van Horne formed a partnership, dividing income as follows:
1. Annual salary allowance to Gonzalez of $25,000.
2. Interest of 5% on each partner's capital balance on January 1.
3. 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: $
Van Horne: $

Answers: 3

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Dividing Partnership Net Income Adriana Gonzalez and Sylvester Van Horne formed a partnership, divi...

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