Assume that the net loss for the first year of operations

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A partnership began its first year of perations with the following capital balances: Young, Capital: $143,000; Eaton, Capital: $104,000; Thurman, Capital: $143,000. The Articles of Partnership stipulated that profits and losses be assigned in the following manner: Young was to be awarded an annual salary of $26,000 with $13,000 salary assigned to Thurman. Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively. Each partner withdrew $13,000 per year. Assume that the net loss for the first year of operations was $26,000, with net income of $52,000 in the second year.

Reference no: EM131295228

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