Fink & Elston Co

question 131

Essay

Fink & Elston Co. reports net income of $34,000. The partnership agreement provides for annual salaries of $24,000 for Fink and $15,000 for Elston and interest allowances of $4,000 to Fink and $6,000 to Elston. Any remaining income or loss is to be shared 70% by Fink and 30% by Elston.
Instructions
Compute the amount of net income distributed to each partner.

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Definitions:

Human Machine Interface

A user interface or dashboard that connects a person to a machine, system, or device, allowing for control and data exchange.

Graphical Representation

The visual display of data or information in a format such as charts, graphs, or diagrams to facilitate understanding.

DC Common

A reference point in electrical circuits using direct current (DC), shared among components to return current, and ensure a common electrical potential.

Terminal 4

A specific connection or interface point, often marked as "4," within an electronic device or wiring system for securing or attaching a conductor.