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Partners Eli and Alex have agreed to share profits and losses in an 80:20 ratio...

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Accounting

Partners Eli and Alex have agreed to share profits and losses in an 80:20 ratio respectively, after Eli is allowed a salary allowance of $70,000 and Alex is allowed a salary allowance of $35,000. If the partnership had net income of $70,000 for 2017, Alexs share of the income would be a. $42,000 b. $35,000 c. $7,000 d. $28,000

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