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Determine their participation in the year net income

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Question - Dividing Partnership Income - Beau Dawson and Willow McDonald formed a partnership, investing $210,000 and $70,000, respectively.

Determine their participation in the year's net income of $280,000 under each of the following independent assumptions:

a. No agreement concerning division of net income.

b. Divided in the ratio of original capital investment.

c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3.

d. Salary allowances of $38,000 and $50,000, respectively, and the balance divided equally.

e. Allowance of interest at the rate of 5% on original investments, salary allowances of $38,000 and $50,000, respectively, and the remainder divided equally.

Reference no: EM133037629

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