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help please 3. Partner A began the year with $30,000 in capital. On June 1, 2008, the partner contributed another $20,000. On September 1,2008 ,
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3. Partner A began the year with $30,000 in capital. On June 1, 2008, the partner contributed another $20,000. On September 1,2008 , the partner withdrew $15,000 from the partnership. Withdrawals in excess of $5,000 are charged to the partner's capital account. The partnership's fiscal year end is December 31,000 are charged the annual weighted-average capital balance is (10 points) 4. Partners A and B have a profit and loss agreement with the following provisions: salaries of $41,600 and $38,400 for A and B, respectively; a bonus to A of 10% of net income after salaries and bonus; and interest of 10% on average capital balances of $20,000 and $35,000 for A and B, respectively. One-third of any remaining profits are allocated to A and the balance to B. If the partnership had a net income of $36,000, how much should be allocated to Partner B, assuming that the provisions of the profit and loss agreement are ranked by order of priority starting with salaries? (10 points) Step by Step Solution
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