Partners acer and barr have capital balances in a, Ask an Expert

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Partners Acer and Barr have capital balances in a partnership of $40,000 and $60,000, respectively. They agree to share profits and losses as follows: As salaries Aaron $10,000 and Barry $12,000; as interest on capital at the beginning of the year 10%; and remaining profits or losses 50%. If income for the year was $50,000, what will be the distribution of income to Barry?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M961806

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