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Greg and Harriet are partners in GH partnership Greg originally contributed 550,000 while Harriet contributed 5150,000. Greg works full-time while Harriet works part-time During the
Greg and Harriet are partners in GH partnership Greg originally contributed 550,000 while Harriet contributed 5150,000. Greg works full-time while Harriet works part-time During the year, GH Partnership eamed $120,000 in net income. Determine how much of this $120,000 would be allocated to each partner under each of the following profit loss sharing agreements a. There is no agreement Greg Harriet b. In the ratio of original capital investments Greg Harriet c. In the ratio of time devoted to the business Greg Harriet d. 10% of original capital investments and the remainder equally Greg Harriet e. 10% of original capital investments, a salary allowance of 530,000 for Greg, and the remainder equally Greg Harriet
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