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Show how it would be represented on the income statement

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Question - The partnership agreement of Amy Aims and Brian Bass provides for Aims to receive an annual salary allowance of $50,000 and Bass to receive $40,000 with any remaining net income to be divided equally. The firm shared a net income of $100,000 for the year. If the partnership above only made profits of $80,000 for the year, show how it would be represented on the income statement and how it would be journalized.

Reference no: EM133061161

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