The APB partnership agreement specifies that partnership net income be allocated as follows: Average...
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Accounting
The APB partnership agreement specifies that partnership net income be allocated as follows:
Average capital balances for the current year were $50,000 for A, $30,000 for P, and $20,000 for B.
If net income is $75,000, how much income is allocated to each partner? Show all computations.
Salary allowance Interest on average capital balances Remainder Partner A $30,000 10% 40% Partner P $10,000 10% 40% Partner B $40,000 10% 20%
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