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Ivanhoe Co. reports net income of $72,000. Partner salary allowances are Pitts $11,000, Filbert $4,000, and Witten $3,000. Indicate the division of net income
Ivanhoe Co. reports net income of $72,000. Partner salary allowances are Pitts $11,000, Filbert $4,000, and Witten $3,000. Indicate the division of net income to each partner, assuming the income ratio is 50: 30: 20, respectively. Salary allowance $ Remaining Pitts $ Division of Net Income Filbert Witten $ $ income Total division of $ $ $ $ net income Total
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