Ann Keeley and Susie Norton are partners in a business they started two years ago. The partnership

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Ann Keeley and Susie Norton are partners in a business they started two years ago. The partnership agreement states that Keeley should receive a salary allowance of $30,000 and that Norton should receive a $40,000 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner’s share of the current year’s net income of $104,000.

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Fundamental Accounting Principles

ISBN: 9780072946604

17th Edition

Authors: Kermit D. Larson, John J Wild, Barbara Chiappetta

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