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How much was the total partnership income for john

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Problem 1: John and Joseph are partners who share profits and losses in the ratio of 4:6 respectively. John's salary is $80,000 and Joseph is $40,000. The partners are paid interest on their average capital balances where John received interest of $30,000 and Joseph $15,000. The profit and loss allocation is determined after deduction for the salary and interest payments. If Joseph received $120,000 from partnership income, how much was the total partnership income?

Reference no: EM132936040

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