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Dividing Partnership Income

Candace Hassell and Abby Lawson formed a partnership, investing $417,600 and $278,400, respectively.

Determine their participation in the year's net income of $240,000 under each of the following independent assumptions:

No agreement concerning division of net income.

Divided in the ratio of original capital investment.

Interest at the rate of 12% allowed on original investments and the remainder divided in the ratio of 2:3.

Salary allowances of $111,000 and $153,000, respectively, and the balance divided equally.

Allowance of interest at the rate of 12% on original investments, salary allowances of $111,000 and $153,000, respectively, and the remainder divided equally.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91393874

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