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It's the same Q's, but after I asked for help on Chegg, they're both wrong. Dividing Partnership Income Tyler Hawes and Piper Albright formed a
It's the same Q's, but after I asked for help on Chegg, they're both wrong.
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $96,000 and $144,000, respectively. Determine their participation in the year's net income of $300,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $34,000 and $46,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 6% on original investments, salary allowances of $34,000 and $46,000, respectively, and the remainder divided equally. Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $96,000 and $144,000, respectively. Determine their participation in the year's net income of $300,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $34,000 and $46,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 6% on original investments, salary allowances of $34,000 and $46,000, respectively, and the remainder divided equallyStep by Step Solution
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