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Question
Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%, salary allowances of $38,000 and $28,000 respectively, and the remainder equally. How much of the net income of $75,000 is allocated to Xavier?A.$66,000
B.$40,000
C.$35,000
D.$43,000
Answer
This answer is hidden. It contains 2 characters.
Related questions
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Common-sized financial statements 8)A percentage analysis of increases and decreases in related items in comparative financial statements.
Change from one generally accepted accounting principle to another