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The partnership contract for Pyle & Quan LLP provided that Pyle was to receive a salary of $12,000 a year, Quan was to receive a salary of $15,000 a year, and the resultant net income or loss after partners' salaries expense was to be divided 60% to Pyle and 40% to Quan. A partnership income of $20,000 before partners' salaries expense for the fiscal year ended May 31, 2006, is allocated:
In some other amounts.
the system of federalism was instituted with the writing and authorization of the constitution in 1787. in dividing
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Fitness Design reports taxable income of $70,000 and pays $60,000 in dividends to shareholders before considering payments to Cynthia. Cynthia receives a $75,000 salary. What is Cynthia's income from Fitness Design?
Without regard for this investment, Keefe earns $300,000 in net income during 2006. What is consolidated net income for 2006?
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