Question
4. Partners Gary and Elaine have agreed to share profits and losses in an 80:20 ratio respectively, after Gary is allowed a salary allowance of
4. Partners Gary and Elaine have agreed to share profits and losses in an 80:20 ratio respectively, after Gary is allowed a salary allowance of $29100 and Elaine is allowed a salary allowance of $14000. If the partnership had net income of $30500 for 2017, Elaines share of the income would be
|
| $19020. |
|
| $12600. |
|
| $11480. |
|
| $1400. |
What woul the answer be for this question? the numbers above are my multiple choice questions.
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Financial Accounting Tools for Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
5th Edition
9781118560952, 1118560957, 978-0470239803
