Solved: Emerson and dakota formed a partnership dividing income how, Accounting Basics

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Emerson and dakota formed a partnership dividing income how

Emerson and Dakota formed a partnership dividing income as follows:

Annual salary allowance to Emerson of $44,000
Interest of 8% on each partner's capital balance on January 1
Any remaining net income divided equally.

Emerson and Dakota had $29,400 and $148,300, respectively in their January 1 capital balances. Net income for the year was $202,000.

How much net income should be distributed to Emerson?

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Accounting Basics: Emerson and dakota formed a partnership dividing income how

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Accounting Basics: Emerson and dakota formed a partnership dividing income how

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