Singer and McMann are partners in a business. Singers original capital was $40,000 and McManns...
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Accounting
Singer and McMann are partners in a business. Singers original capital was $40,000 and McManns was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann respectively and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will Singers share of the income(loss) be if the net loss for the year was $10,000?
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