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Question - Emmett and Sierra formed a partnership dividing income as follows;
1. Annual salary allowance to Emmett of $39,900.
2. Interest of 8% on each partner's capital balance on January 1.
3. Any remaining net income divided equally.
Emmett and Sierra had $38,800 and $134,900, respectively in their January 1 capital balances. Net income for the year was $230,600. How much net income should be distributed to Emmett?
a couple plans to purchase a home for 250000. property taxes are expected to be 1900 per year while insurance premiums
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Question - What is the required treatment of each of the below events in the financial statements? Justify your decisions
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