Gohl and Poast are partners sharing profits and losses equally. Gohl has lent the partnership $8000 on
Question:
Gohl and Poast are partners sharing profits and losses equally. Gohl has lent the partnership $8000 on which he is entitled to interest at 10% per annum. The partners are entitled to annual salaries as follows: Gohl $6000; Poast $4000. The partnership has made a profit of $5000. How much is Gohl's share of the profit?
A. $3500
B. $3900
C. $8500
D. $9300
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First lets break down the components of the distribution of profits Interest on ...View the full answer
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