Business, 05.05.2020 22:25 ashtynbursiaga
Fred and Barney started a partnership. During Year 1, Fred invested $20,000 in the business and Barney invested $32,000. The partnership agreement called for each partner to receive an annual distribution equal to 15% of his capital contribution. Any further earnings were to be retained in the business and divided equally between the partners. The partnership reported net income of $38,000 during Year 1. How will the $38,000 of net income be split between Fred and Barney respectively? (Hint: Consider both the cash withdrawals and allocation of remaining income.)
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Fred and Barney started a partnership. During Year 1, Fred invested $20,000 in the business and Barn...
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