Hope & Faith Company reports net income of $40,000.
The partnership agreement provi...
Business, 16.03.2020 23:25 scottcourtney460
Hope & Faith Company reports net income of $40,000.
The partnership agreement provides for annual salaries of $24,000 for Hope and $15,000 for Faith.
Interest allowances of $4,000 and $6,000, respectively.
Any remaining is to be shared 70% and 30%, respectively.
Instructions: Prepare in proper format the amount of net income distributed to each partner.
Answers: 3
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