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On January 1, 2015,Zeep and Beep have capital balances of 20,000 and 16,000 respectively. On July 1, 2015, Zeep invests an additional 4,000 and Beep
- On January 1, 2015,Zeep and Beep have capital balances of 20,000 and 16,000 respectively. On July 1, 2015, Zeep invests an additional 4,000 and Beep withdraws 1,600. Profits and losses are divided as follows: Beep is the managing partner and as such shall receive 16,000 salary and Zeep shall receive 7,200. Both partners shall receive 10% on their beginning capital balances and any excess is divided equally. Income of Zeep-Beep partnership for the year 2015 is 9,600, how much is the share of Zeep?
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Contemporary Auditing
Authors: Michael C Knapp
12th Edition
357515404, 978-0357515402
