Steve and heather decided to form a partnership on april 1


Question - Steve and Heather decided to form a partnership on April 1. Steve invested $60,000 and Heather invested $40,000. Net income for the fiscal year ended March 31 was $110,000. Each partner is to receive 10% on their original investment. Steve and Heather are to receive a salary allowance of $35,000 and $45,000, respectively. The remainder is to be divided as follows: 70% to Steve and 30% to Heather.

Determine the amount of net income that Steve and Heather would have received by filling in ALL blanks in the worksheet below.

Solution Preview :

Prepared by a verified Expert
Accounting Basics: Steve and heather decided to form a partnership on april 1
Reference No:- TGS02487603

Now Priced at $25 (50% Discount)

Recommended (91%)

Rated (4.3/5)