Question: Ann Stolton and Susie Bright are partners in a business
Ann Stolton and Susie Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $ 15,000 and that Bright should receive a $ 20,000 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner’s share of the current year’s net income of $ 52,000.
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