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It is the full question nothing extra is given. we have to find solution with given information 11. Martin, Pappin and Hull are partners who
It is the full question nothing extra is given. we have to find solution with given information
11. Martin, Pappin and Hull are partners who share income and loss in the ratio of 4:4:3 respectively. Hull is the only one who receives a salary; he gets $10,000 per year. All partners earn 10% interest on their capital account balances. These balances are as shown. - Martin $20,000 - Pappin $40,000 - Hull $10,000 - The net income for the year was $83,000 A. Prepare a statement of distribution of net income for the year ended December 31, 20-. B. Prepare a statement of partners' capital. Each partner withdrew $5000 during the yearStep by Step Solution
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