Zaync receives a $36,000 annual salary and allowance and Perez receives an allowance of $24,000. Each partner
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Question:
Zaync receives a $36,000 annual salary and allowance and Perez receives an allowance of $24,000.
Each partner is allowed an annual interest allowance of 10% on their beginning capital balance.
Any remaining balance of income and loss is allocated equally.
Net income 70,000
How do they get the 6000 and 30000 10% and 1/2?
Can you explain I felt confused about this problem?
Related Book For
Advanced Accounting
ISBN: 978-0134472140
13th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
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