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Determine the amount of net income allocated to each partner

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Problem - Dimmitt and Stiglitz are to receive salary allowances of $40,000 and $50,000, respectively. The remaining income is to be divided on a 60-40 basis. Net income for the year ended December 31, 20-1, was $200,000. Determine the amount of net income allocated to each partner.

Reference no: EM132723189

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