Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. steve conyers and chelsy stevens formed a partners

Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows: Annual salary...

90.2K

Verified Solution

Question

Accounting

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

  1. Annual salary allowance to Conyers of $153,450.
  2. Interest of 7% on each partner's capital balance on January 1.
  3. Any remaining net income divided to Conyers and Stevens, 1:2.

Conyers and Stevens had $69,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $279,000. How much is distributed to Conyers and Stevens?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

please rephrase/ rewrite this paragraph and you can add your own ideas The idea of using the...

Physics
Q

Some modeling agencies are turning to CGI to create their models, rather than using actual humans. What...

General Management
Q

The bottleneck effect is used to describe an event where a population decreases One example...

Biology
Q

There are 52 cards in a standard deck If you shuffle the deck how many...

Geometry
Q

1 If the angle of elevation is 42 what is the length of a shadow...

Basic Math
Q

Name Algebra 1 Review Factoring GCF a 1 GCF then a 1 Factor the common...

Algebra
Q

What is the break-even point in units? Klein Company distributes a high-quality bird feeder...

Accounting
Q

Willow Rentals compr suministros de oficina a crdito. El asiento de diario general realizado...

Accounting
Q

This case is loosely based on Florida State University (FSU) Football ticket revenues. Many of...

Accounting
Q

For the following independent and material situations, assume that you are the audit partner on...

Accounting
Q

LMO Company incurred expenditures for leasehold improvements during the year. The relevant lease is on...

Accounting
Q

You are given the following information for Smashville, Inc., Cost of goods sold: Investment Income...

Finance