Luke and John share income and losses in a 2:1 ratio after allowing for salaries of Luke
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Question:
Luke and John share income and losses in a 2:1 ratio after allowing for salaries of Luke $48,000 and $60,000 John. The net income for the partnership is $93,000. Income should be divided as:
A: Luke, $46,500; John, $46,500
B: Luke, $65,000; John, $28,000
C: Luke, $38,000; John, $55,000
D: Luke, $55,000; John, $38,000
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
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