Reagan and carter are partners their partnership agreement

Reference no: EM13591625

Reagan and Carter are partners. Their partnership agreement provides that, dividing profits, each is to be allocated interest at 10% of her beginning capital balance. The balance of net income or loss after the interest is to be split in the ratio of 60:40 to Reagan and Carter. The beginning capital balances were Reagan, $120,000 and Carter, $24,000. Net income for the year was $240,000.

Reference no: EM13591625

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