Business, 12.02.2021 02:30 mckinzirauch9
Sheldon and Morton formed a partnership with capital contributions of $80,000 and $40,000, respectively. Their partnership agreement calls for salaries of $10,000 to Sheldon and $25,000 to Morton. Also, each partner is to receive an interest allowance equal to 10% of a partner's beginning capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is $90,000, then Sheldon's and Morton's respective shares are:
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Sheldon and Morton formed a partnership with capital contributions of $80,000 and $40,000, respectiv...
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