DE12-8 Lucy Fung and Ako Kiawa have capital balances of $30,000 and $40.000, respectively. The partners share

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DE12-8 Lucy Fung and Ako Kiawa have capital balances of $30,000 and $40.000, respectively. The partners share profits and losses as follows:

a. Fung receives a salary of $15,000 and Kiawa a salary of $10,000.

b. The partners earn 7% interest on their capital balances.

c. The remainder is shared equally. Compute each partner's share of the year's net income of $50,000.

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Accounting

ISBN: 9780130906991

5th Edition

Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones

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Question Posted: Jul 08, 2024 02:06 AM

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DE12-8 Lucy Fung and Ako Kiawa have capital balances of $30,000 and $40.000, respectively. The partners share

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Accounting

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