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Singer and McMann are partners in a business. Singer's original capital was $38,000 and McMann's was $50,300. They agree to salaries of $11,200 and $19,400
Singer and McMann are partners in a business. Singer's original capital was $38,000 and McMann's was $50,300. They agree to salaries of $11,200 and $19,400 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share the remaining profits and losses in a 3:2 ratio, what will Singer's share of the income be if the income for the year is $56,500?
a. $33,900
b. $25,242
c. $15,000
d. $11,200
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