FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Am. 298.

Partners Edward and Dickens have capital balances in a partnership of $161000 and $235000, respectively. They agree to share
profits and losses as follows:
As salaries
As interest on capital at the beginning of the year
Remaining profits or losses
Edward Dickens
$40000 $48100
10%
50%
$47800 income
$8200 loss
$4550 loss
$3650 income
10%
50%
If net loss for the year was $8200, what will be the allocation to Dickens?
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Transcribed Image Text:Partners Edward and Dickens have capital balances in a partnership of $161000 and $235000, respectively. They agree to share profits and losses as follows: As salaries As interest on capital at the beginning of the year Remaining profits or losses Edward Dickens $40000 $48100 10% 50% $47800 income $8200 loss $4550 loss $3650 income 10% 50% If net loss for the year was $8200, what will be the allocation to Dickens?
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