Question
Bill and Herbit are to share profits in the ratio of 3:2. Net profit is $85,000 and interest on drawings is $5,000. No salary or
Bill and Herbit are to share profits in the ratio of 3:2. Net profit is $85,000 and interest on drawings is $5,000. No salary or interest on drawings is to be deducted. Calculate Bill's share of profit:
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Intermediate Accounting principles and analysis
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
2nd Edition
471737933, 978-0471737933
