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Nancy and Betty will receive salaries of $1700 and $14500 respectively as the first allocation. the next allocation is based on 20% of each partners
Nancy and Betty will receive salaries of $1700 and $14500 respectively as the first allocation. the next allocation is based on 20% of each partners capital balances. any remaining profit or loss is to be allocated to betty. the partnerships net income for the first year is $50000, Nancy's capital balance is $83000 and Betty's capital balance is $11000 as at the end of the year. calculate the share of profit/loss to be allocated to Betty.
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