3. The partners agreed to share income by giving a $56,000 per year salary allowance to Ramer, a $46,000 per year salary allowanc to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $190,000. Note: Enter all allowances as positive values. Enter losses as negative values.
3. The partners agreed to share income by giving a $56,000 per year salary allowance to Ramer, a $46,000 per year salary allowanc to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $190,000. Note: Enter all allowances as positive values. Enter losses as negative values.
Chapter21: Partnerships
Section: Chapter Questions
Problem 2BCRQ
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