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Escobar and Woods are partners who share profits and losses in the ratio of 70...

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Accounting

Escobar and Woods are partners who share profits and losses in the ratio of 70 and 30 percent, respectively. The partnership agreement provides that each will be paid a yearly salary of $35,000. The salaries were paid to the partners during 2019 and were charged to the partners drawing accounts. The Income Summary account has a credit balance of $91,000 after revenue and expense accounts are closed at the end of the year.

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