Singer and McMann are partners in a business. Singer's original capital was S43,200 and McMann's was $52,800. They agree to salaries of S10,500 and S18,000 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share the remaining profits and losses in a 3:2 ratio, what will Singer's share of the income be if the income for the year is $66,600? Oa. $10,500 Ob. S14,820 Oc. S31,920 Od. S39,960

Singer and McMann are partners in a business. Singer's original capital was S43,200 and McMann's was $52,800. They agree to salaries of S10,500 and S18,000 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share the remaining profits and losses in a 3:2 ratio, what will Singer's share of the income be if the income for the year is $66,600? Oa. $10,500 Ob. S14,820 Oc. S31,920 Od. S39,960

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter10: Partnership Taxation

Section: Chapter Questions

Problem 14MCQ

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