Dante, Milton and Cervantes formed a partnership and agreed to share profits in a 3:1:2 ratio after
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Question:
Dante, Milton and Cervantes formed a partnership and agreed to share profits in a 3:1:2 ratio after recognition of 5% interest on average principal balances and monthly salary awards of $3,750 for Milton and $3,000 for Cervantes. Average principal balances were as follows:
dante | 300.000 |
Milton | 240.000 |
Cervantes | 180.000 |
Required :
Calculate the net income (loss) allocated to each partner assuming the partnership incurred a net loss of $27,000.
Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
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