Answered Essay: Blake and Matthew are partners who agree that Blake will receive a $93,300 salary allowance and that any remaining inco

onnect O e newconnectmheducation.com/flow/conmecthtmi Check my work mode : This shows whet is correct or incorrect for the work you have completed so far. It does not indicate completi Retu 2 QS 12-5 Partnership income allocation LO P2 Blake and Matthew are partners who agree that Blake will receive a $93,300 salary allowance and that any remaining income or loss will be shared equally. If Matthews capital account is credited for $3,400 as his share of the net income in a given period, how much net income did the partnership earn in that period? points Answer is complete but not entirely correct. $ 6,800 Next > < Prev 2 of 9 Graw

Blake and Matthew are partners who agree that Blake will receive a $93,300 salary allowance and that any remaining income or loss will be shared equally. If Matthew’s capital account is credited for $3,400 as his share of the net income in a given period, how much net income did the partnership earn in that period?

Expert Answer

 

Total net income for the period=Salary allowance+Share of net incomes of Blake and Matthew

=$93300+($3400*2)

=which is equal to

=$100,100.

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