Starsky and Hutch formed a partnership with capital contributions of $150,000 and $180,000, respectively. Their...
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Accounting
Starsky and Hutch formed a partnership with capital contributions of $150,000 and $180,000, respectively. Their partnership agreement called for Starsky to receive a $60,000 annual salary allowance. They also agreed to allow each partner an interest allowance equal to 10% of their initial capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is $110,000, what are Starsky and Hutchs respective shares?
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