Steve Prince and Chelsy Stevens formed a partnership, dividing income as follows: Annual salary allowance to Prince of $139,200. Interest of 7% on each partner's capital balance on January 1. Any remaining net income divided to Prince and Stevens, 1:2. Prince and Stevens had $55,520 and $97,560, respectively, in their January 1 capital balances. Net income for the year was $240,000. How much is distributed to Prince and Stevens

Amount distributed to Prince = $33,914.53

Amount distributed to Steven = $66,885.47

Explanation:

Prince’s interest on capital = Prince’s January 1 capital balances * 7% = $55,520 * 7% = $3,886.40

Stevens’ interest on capital = Stevens’ January 1 capital balances * 7% = $97,560 * 7% = $6,829.20

Net income balance = Net income - Annual salary allowance to Prince - Prince’s interest on capital - Stevens’ interest on capital = $240,000 - $139,200 - $3,886.40 - $6,829.20 = $90,084.40

Prince’s share of net income balance = Net income balance * (1 / 3) = $90,084.40 * (1 / 3) = $30,028.13

Stevens’ share of net income balance = Net income balance * (2 / 3) = $90,084.40 * (2 / 3) = $60,056.27

Therefore, the amount distributed to Prince and Stevens can now be calculated as follows:

Amount distributed to Prince = Prince’s interest on capital + Prince’s share of net income balance = $3,886.40 + $30,028.13 = $33,914.53

Amount distributed to Steven = Stevens' interest on capital + Prince’s share of net income balance = $6,829.20 + $60,056.27 = $66,885.47

the answer is 10c + 6b = 32

step-by-step explanation:

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number