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Question - Annie and Barry are partners who began 2020 with capital balances of $80,000 and $60,000, respectively. They draw $1,500 per month each and have agreed to divide profits as follows:
Interest of 5% on 1/1 capital balances. Salaries: Annie = $8,000, Barry = $5,000. Bonus to Annie of 10% of income after deducting "interest" and "salary. Remaining profit or loss to be divided in a 3:2 ratio. During 2015 the partnership earned $50,000 in income.
Required -
a. Calculate the Annie's income for 2020 and Barry's income for 2020?
b. Calculate the Annie's capital balance @ 12/31/20 and Barry's capital balance @ 12/31/20?
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