21.Dexter and Joliver are partners agreeing to allow monthly salaries (6,000 and 5,000 respectively). 6% interest on the capital investment at the beginning of the year (300,000 and 230,000 respectively) and on the remaining balance, to be equally shared. The first year registered a net income of 100,000 Profit share of the partners are: a.Dexter 58,100 and Joliver 41,900 b.Dexter 50,000 and Joliver 50,000 c.Dexter 54,500 and Joliver 45,500 d.Dexter 56,600 and Joliver 43,400 Dexter and Joliver are partners agreeing to allow monthly salaries (6, 000 and 5, 000respectively). 6% interest on the capital investment at the beginning of the year (300, 000 and230, 000 respectively) and on the remaining balance, to be equally shared. The first yearregistered a net income of 100, 000 Profit share of the partners are:21.a. Dexter 58, 100 and Joliver 41, 900b. Dexter 50, 000 and Joliver 50, 000c. Dexter 54, 500 and Joliver 45, 500d. Dexter 56, 600 and Joliver 43, 400

Characteristics of Partnership: Unlimited liability Sharing profit & Losses Transfer of…

21.Dexter and Joliver are partners agreeing to allow monthly salaries (6,000 and 5,000 respectively). 6% interest on the capital investment at the beginning of the year (300,000 and 230,000 respectively) and on the remaining balance, to be equally shared. The first year registered a net income of 100,000 Profit share of the partners are: a.Dexter 58,100 and Joliver 41,900 b.Dexter 50,000 and Joliver 50,000 c.Dexter 54,500 and Joliver 45,500 d.Dexter 56,600 and Joliver 43,400

21.Dexter and Joliver are partners agreeing to allow monthly salaries (6,000 and 5,000 respectively). 6% interest on the capital investment at the beginning of the year (300,000 and 230,000 respectively) and on the remaining balance, to be equally shared. The first year registered a net income of 100,000 Profit share of the partners are: a.Dexter 58,100 and Joliver 41,900 b.Dexter 50,000 and Joliver 50,000 c.Dexter 54,500 and Joliver 45,500 d.Dexter 56,600 and Joliver 43,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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