Dividing Partnership lncome Beau Dawson and Willow MeDonald formed a partnership, investing $217,500 and $72,500,...
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Accounting
Dividing Partnership lncome Beau Dawson and Willow MeDonald formed a partnership, investing $217,500 and $72,500, respectively. Determine their participation in the year's net income of \$106,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratioyot original capital investmert. c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $38,000 and $46,000, respectively, and the balance divided equally. e. Alowance of interest at the rate of 5% on original investments, salary allowances of $38,000 and $46,000, respectively
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