(Answered) Question - barr amp eglin co reports net income of 42000

Accounting

Question - Barr & Eglin Co. reports net income of $42,000. The partnership agreement provides for annual salaries of $24,000 for Barr and $18,000 for Eglin and interest allowances of $4,000 to Barr and $6,000 to Eglin. Any remaining income or loss is to be shared 70% by Barr and 30% by Eglin.

Instructions - Compute the amount of net income distributed to each partner.

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