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How would they share a net income

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Reference no: EM133185007

Question - X and Y share income of their partnership in a 2:3 ratio. X and Y receive salaries of $18,000 and $12,000, respectively.

a) How would they share a net income of $30,000 (before salaries are distributed)?

b) You should make the journal entry for this activity.

c) In which ways will the results in a) and b) be changed if the ratio is 1:4?

Reference no: EM133185007

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