Question
Mathew, Patrick, and Robin have capital balances of $75,000, $120,000, and $93,000, respectively. As per the partnership agreement, Mathew gets a profit share of 2/9;
Mathew, Patrick, and Robin have capital balances of $75,000, $120,000, and $93,000, respectively. As per the partnership agreement, Mathew gets a profit share of 2/9; Patrick gets 4/9; and Robin gets 3/9. Partnership agrees to pay $66,000 as final settlement to Mathew. How much bonus will Robin receive as a result of this transaction? Please explain the transaction?
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Managerial Accounting
Authors: James Jiambalvo
3rd Edition
0470038152, 978-0470038154
