Question
The partnership agreement of Jason, Gise, and Bosco provides for the following income ratio: (a) Jason, the managing partner, receives a salary allowance of
The partnership agreement of Jason, Gise, and Bosco provides for the following income ratio: (a) Jason, the managing partner, receives a salary allowance of $108900, (b) each partner receives 15% interest on average capital investment, and (c) remaining net income or loss is divided equally, The average capital investments for the year were: Jason $601000, Gise $1130000, and Bosco $1760000.If partnership net income is $540000, the amount allocated to Jason should be O $174550. O $90150. O $168200. O $199050.
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College Accounting
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
11th edition
978-1111528300, 1111528128, 1111528306, 978-1111528126
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