Tom and Brady formed a partnership with capital contributions of $ 2 0 0 , 0 0
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Question:
Tom and Brady formed a partnership with capital contributions of $ ?and $ ?respectively. Their
partnership agreement called for Tom to receive a $ ?annual salary allowance and Brady to receive a
$ ?annual salary allowance. They also agreed to allow each partner a share of income equal to ?of their
initial capital investments. The remaining income or loss is to be divided equally. The net income for the current
year is $
A ?What are Tom's and Brady's respective shares?
B ?What is the journal entry required to distribute the partners share of income?
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