Calculate the amount of net income distributed to each

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Hope & Crosby Co. reports net income of $34,000. The partnership agreement provides for annual salaries of $24,000 for Hope and $15,000 for Crosby and interest allowances of $4,000 to Hope and $6,000 to Crosby. Any remaining income or loss is to be sharedn 70% by Hope and 30% by Crosby.

Instructions

Compute the amount of net income distributed to each partner.

Reference no: EM13389687

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