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Allison and Josh are partners in a business. Allison's capital is $120,000 and Josh's capital is $120,000. Profits for the year are $80,000. They agree
Allison and Josh are partners in a business. Allison's capital is $120,000 and Josh's capital is $120,000. Profits for the year are $80,000. They agree to share profits and losses as follows: Allison Josh Salaries $20,000 $41,000 Interest on capital 10% 10% Remaining profits and losses 3/5 2/5 Allison's share of the profits before paying salaries and interest on capital is: (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) $48.000. O $70,500. $40,000 $11.400
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