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Singer and McMann are partners in a business. Singer's original capital was $35,800 and McMann's was $55,800. They agree to salaries of $13,800 and $17,600
Singer and McMann are partners in a business. Singer's original capital was $35,800 and McMann's was $55,800. They agree to salaries of $13,800 and $17,600 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 $55,800?
a.$26,524
b.$17,380
c.$33,480
d.$13,800
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