Solution-Prepare schedule showing how profit allocated to

Prepare schedule showing how profit allocated to the partner

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Reference no: EM133016954

Question - Keith Scott and David Dawson agreed to share the annual profit or losses of their corporate law partnership as follows: If the partnership earned a profit, the first $75,000 would be allocated 40% to Scott and 60% to Dawson to reflect the time devoted to the business by each partner. Profit in excess of $75,000 would be shared equally. Also, the partners have agreed to share any losses equally. Prepare schedule showing how profit of $88,500 for 2020 should be allocated to the partners.

Reference no: EM133016954

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Prepare schedule showing how profit allocated to the partner

Reference no: EM133016954

Reference no: EM133016954

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