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What is mutual agency as it relates to a partnership

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Reference no: EM132670299

Question: 1 What is mutual agency as it relates to a partnership?

2 What is Articles of Partnership?

3 What is residual profit as it relates to a partnership?

4 Sally and Andy are partners in Just Hats, LLC. Andy works in the business for an agreed salary draw of $4,000 per month. Sally has invested $200,000 in the business and Andy invested $100,000. THe net income of the business is $168,000 for the year. Income is distributed based on the investment of each partner after allocation for salary. How much net income is allocated to Sally?

5 What is an accounting system?

6 Mary and David are partners who share profits and losses on a 3:1 basis. This means Mary receives 75% and David receives 25% of income after any allocations. Mary receives a salary allowance of $15,000. Earnings for the period total $51,000. What will be the total amount credited to Mary's Capital account when the Income Summary account is closed?

7 What is meant by "limited life" as it relates to partnerships?

Reference no: EM132670299

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