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The partnership agreement of Romeo and Rocky has the following provisions; the partners are to earn 1 0 percent on the average capital. Romeo and
The partnership agreement of Romeo and Rocky has the following provisions; the partners are to earn percent on the average capital. Romeo and Rocky are to earn salaries of $ and $ respectively. And any remaining income or loss is to be divided between Romeo and Rocky using a : ratio.
Romeo's average capital is $ and Rockys' is $
Required:
What is Romeo's Allocated portion of Net Income Assuming Net Income is $
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