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Q: Candace Hassell and Abby Lawson formed a partnership, investing $240,000 and $80,000, respectively. Independent assumptions: (a) no agreement concerning division of net income; (b) divided in the
ratio of original capital investment; (c) interest at the rate of 15% allowed on original investments and the remainder divided in the ratio of 2:3; (d) salary allowances of $50,000 and $70,000, respectively, and the balance divided equally; (e) allowance of interest at the rate of 15% on original investments, salary allowances of $50,000 and $70,000, respectively, and the remainder divided equally. Determine Hassell's and Lawson's participation in the year's net income of $200,000 under each of the independent assumptions presented in the exercise
A: Candace Hassell and Abby Lawson formed a partnership, [ investing ...2 posts (a) no agreement concerning division of net income; (b) divided in the ratio of original capital investment; (c) interest at the rate of 15% allowed on original investments and the remainder divided in the ratio of 2:3; ... salary allowances of $50000 and $70000, respectively, and the remainder divided equally. ...
a-partnership-investing-240-000-and-80-000-respectively ]
Expert answered|midnightespecial|Points 112|
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Asked 1/10/2011 1:46:26 PM
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