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 answer-question

Smith and Roberson Business Law

ISBN: 978-0538473637

15th Edition

Authors: Richard A. Mann, Barry S. Roberts

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Posted Date: Sep 08, 2023 07:24 AM

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Jerry and Harry established JH Partnership in 2014. Jerry and Harrys original contributions were $100,000 and $50,000,

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Smith and Roberson Business Law

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