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Determine their partnership in the year net income

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Question - Nicole Murphy and Ashley Drake formed a partnership, investing $270,000 and $90,000, respectively. Determine their partnership in the year's net income of $350,000 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 $40,000 and $50,000, respectively, and the balance divided equally;

(e) allowance of interest at the rate of 5% on original investments, salary allowances of $40,000 and $50,000, respectively, and the remainder divided equally.

Reference no: EM131715272

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