Question
Laverne and Shirley started a partnership. Laverne invested $11,000 in the business and Shirley invested $19,500. The partnership agreement stipulated that profits would be divided
Laverne and Shirley started a partnership. Laverne invested $11,000 in the business and Shirley invested $19,500. The partnership agreement stipulated that profits would be divided as follows. Each partner would receive a 12% return on their invested capital with the remaining income being distributed equally between the two partners. Assuming that the partnership earned $26,000 during an accounting period, the amount of income assigned to the two partners would be: Laverne Shirley A) $ 9,850 $ 8,830 B) $ 11,000 $ 15,000 C) $ 13,000 $ 13,000 D) $ 12,490 $ 13,510 Option C Option B Option D Option A
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