Dewey, Cheetam, and Howe formed a partnership with Dewey contributing $60,000, Cheetam contributing $50,000 and...
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Dewey, Cheetam, and Howe formed a partnership with Dewey contributing $60,000, Cheetam contributing $50,000 and Howe contributing $40,000. Their partnership agreement called for the income (loss) division to be based on the ratio of beginning capital balances. If the partnership had income of $175,000 for its first year of operation, what amount of income (rounded to the nearest thousand) would be credited to Howe's capital account? $20,000 $25,000 $46,667 $75.000
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