Stolton and Bright are partners in a business they started two years ago. The partnership...
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Accounting
Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $16,200 and that Bright should receive a $18,500 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner's share of the current year's net income of $55,800. (Enter all allowances as positive values. Enter losses, if any, as negative values.) Allocation of Partnership Income Stolton Bright Total Net income $ 55,800 Salary allowances Balance of income Balance allocated equally Balance of income Shares of the partners
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