Steve King and Chelsy Boxer formed a partnership, dividing income as follows: Annual salary allowance to Boxer of $125,670. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to King and Boxer, 1:2. King and Boxer had $60,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $213,000. How much is distributed to King and Boxer?

King =  29260

Boxer = 183740

Explanation:

The Distribution of Net income will be as follows.

Net Income                                          $213000

Less: Interest on Capital

King                                    3000

Boxer                                  5550           (8550)

Less: Salary

Boxer                                                      (125670)

Residual Profit                                        78780

Share of Profit

King [78780 * 1/3]                                   26260

Boxer [78780 * 2/3]                               52520

King = 3000 + 26260 = 29260

Boxer = 5550 + 125670 + 52520 = 183740

his average speed in km per hour is ≈ 55.4 km/h and about 15.4 m/s.

explanation: doctrine of respondeat superior is a legal doctrine that is commonly used in tort. this principle makes an employer or principal legally responsible for the wrongful acts done by an employee or agent, if such acts occur within the scope of the employment or agency.