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Partners Eli and Alex have agreed to share profits and losses in an 80:20 ratio respectively, after Eli is allowed a salary allowance of $70,000
Partners Eli and Alex have agreed to share profits and losses in an 80:20 ratio respectively, after Eli is allowed a salary allowance of $70,000 and Alex is allowed a salary allowance of $35,000. If the partnership had net income of $70,000 for 2017, Alex's share of the income would be o O a. $42,000 O b. $28,000 O c. $35,000 O d. $7,000
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Fundamental Managerial Accounting Concepts
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old
7th edition
978-0077632427, 77632427, 78025656, 978-0078025655
