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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 $30,000
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 $30,000 and Elaine is allowed a salary allowance of $15,000. If the partnership had net income of $30,000 for 2017, Elaine's share of the income would be O a. $18,000 O b. $12,000 OC. $3,000 O d. $15,000
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The Solitary Auditor
Authors: Michael Knapp
1st Edition
161163878X, 978-1611638783
