Andrew orr and victoria graham formed a partnership, Ask an Expert

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Andrew Orr and Victoria Graham formed a partnership, dividing income as follows:

Annual salary allowance to Orr of $28,000.
Interest of 6% on each partner's capital balance on January 1.
Any remaining net income divided to Orr and Graham, 2:1.

Orr and Graham had $60,000 and $150,000, respectively, in their January 1 capital balances. Net income for the year was $46,000.

How much net income should be distributed to Orr?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9963877

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