Jerry and Harry established JH Partnership in 2014. Jerry and Harrys original contributions were $100,000 and $50,000,
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Jerry and Harry established JH Partnership in 2014. Jerry and Harry’s original contributions were $100,000 and $50,000, respectively. The partnership agreement states that income will be divided as follows:
salary allowances of $30,000 to Jerry and $25,000 to Harry and the remainder in the ratio of their original contributions.
If JH Partnership had net income of $85,000 for the year, how much will be allocated to Jerry?
Assuming an interest rate of 8%, $400 received at the end of each of the next 3 years is equal to how much today?
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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