Business, 21.05.2020 00:05 anthonyjackson12aj

Fred and Barney started a partnership. During Year 1, Fred invested $13,500 in the business and Barney invested $22,000. The partnership agreement called for each partner to receive an annual distribution equal to $12% 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 $31,000 during Year 1. How will the $31,000 of net income be split between Fred and Barney respectively

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Fred and Barney started a partnership. During Year 1, Fred invested $13,500 in the business and Barn...