Question
Partners Gary and Elaine have agreed to share profits and losses in an 80:20 ratio respectively, after Gary is allowed a salary allowance of $29000
Partners Gary and Elaine have agreed to share profits and losses in an 80:20 ratio respectively, after Gary is allowed a salary allowance of $29000 and Elaine is allowed a salary allowance of $15800. If the partnership had net income of $30000 for 2020, Elaine's share of the income would be $2160. $17160. $14800. $12840
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Principles Of Financial Accounting
Authors: Belverd E Needles, Marian Powers
11th Edition
0538755164, 9780538755160
