Question: During the first year the Bob and Kim partnership in SE

During the first year, the Bob and Kim partnership in SE 2 earned an income of $5,000. Assume the partners agreed to share income and losses by figuring interest on the beginning capital balances at 10 percent, allowing a salary of $6,000 to Bob, and dividing the reminder equally. How much income (or loss) should be transferred to each Capital account?

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  • CreatedFebruary 23, 2012
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