Question
Ziad, Mazen, and Sami formed a partnership on January 1, 2017, with investments of $100,000, $150,000, and $200,000, respectively. For division ofincome, they agreed to
Ziad, Mazen, and Sami formed a partnership on January 1, 2017, with investments of $100,000, $150,000, and $200,000, respectively. For division ofincome, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Mazen, and (3) sharing theremainder of the income or loss in a ratio of 20% for Ziad, and 40% each for Mazen and Sami. Net income was $150,000 in 2017 and $180,000 in 2018.Each partner withdrew $1,000 for personal use every month during 2012 and 2013. What was Mazen's total share of net income for 2017? |
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