=+1. Prepare an income statement for 2010, indicating the division of net income. The articles of partnership

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=+1. Prepare an income statement for 2010, indicating the division of net income. The articles of partnership provide for salary allowances of $40,000 to Yamada and $50,000 to Forte, allowances of 10% on each partner’s capital balance at the beginning of the fiscal year, and equal division of the remaining net income or net loss.

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Accounting

ISBN: 978-1111001346

23rd Edition

Authors: Carl S. Warren

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