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What was wasser total share of net income

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Question - Cleary, Wasser, and Nolan formed a partnership on January 1, 2010, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser, and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net income was $150,000 in 2010 and $180,000 in 2011. Each partner withdrew $1,000 for personal use every month during 2010 and 2011.

1. What was Wasser's total share of net income for 2010?

A. $63,000.

B. $53,000.

C. $58,000.

D. $29,000.

E. $51,000.

2. What was Nolan's total share of net income for 2010?

A. $63,000.

B. $53,000.

C. $58,000.

D. $29,000.

E. $51,000.

3. What was Nolan's total share of net income for 2011?

A. $34,420.

B. $75,540.

C. $65,540.

D. $70,040.

E. $61,420.

Reference no: EM131804363

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