Partners flip and flop have capital balances in a

Reference no: EM13612279

Partners Flip and Flop have capital balances in a partnership of $80,000 and $120,000, respectively. They agree to share profits and losses as follows: Flip Flop As salaries $20,000 $24,000 As interest on capital at the beginning of the year 10% 10% Remaining profits or losses 50% 50% If income for the year was $60,000, what will be the distribution of income to Flip?

Reference no: EM13612279

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