Question
d. $46, Luke and John share income and losses equally after allowing for salaries of $48,000 to Luke and $60,000 to John. Net income
d. $46, Luke and John share income and losses equally after allowing for salaries of $48,000 to Luke and $60,000 to John. Net income for the partnership is $128,000. Income should be divided as a. Luke, $58,000; John, $70,000 b. Luke, $75,000; John, $53,000 c. Luke, $65,000; John, $28,000 d. Luke, $38,000; John, $55,000
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
10th Canadian edition
1259261018, 1259261015, 978-1259024979
