Partnership income-sharing agreement

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McGill and Smyth have capital balances on January 1 of $56,000 and $33,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $20,900 for McGill and $15,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth.

Reference no: EM13293869

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