Net income for the year was 265000 how much net income, Accounting Basics

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Net income for the year was 265000 how much net income

Steve Prince and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance to Prince of $69,000. Interest of 7% on each partner's capital balance on January 1. Any remaining net income divided equally. Dane and Prince had $53,000 and $146,000, respectively, in their January 1 capital balances. Net income for the year was $265,000. How much net income should be distributed to Prince?

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Accounting Basics: Net income for the year was 265000 how much net income

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