Jagger and richards formed a partnership investing 3600000, Ask an Expert

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Jagger and Richards formed a partnership, investing $3,600,000 and $2,100,000 respectively. The partnership agreement calls for a return of 10% interest on their original investment; Richards is to have a salary of $500,000 per year, and Jagger does not draw a salary. The remainder is divided in the ratio of 3:2. net income of the partnership for the year is $4,200,000.There was a withdrawal by Richards of $100,000 please prepare a statement of Partner's Equity. Please give equity totals for each partner and the partnership as a whole. Note: a 3-line heading is required.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9975850

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