Calculate how much net income should be distributed to orr, Accounting Basics

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Calculate how much net income should be distributed to orr

Andrew Orr and Victoria Graham formed a partnership, dividing income as follows:

Annual salary allowance to Orr of $28,000.
Interest of 6% on each partner's capital balance on January 1.
Any remaining net income divided to Orr and Graham, 2:1.

Orr and Graham had $60,000 and $150,000, respectively, in their January 1 capital balances. Net income for the year was $46,000.

How much net income should be distributed to Orr?

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Accounting Basics: Calculate how much net income should be distributed to orr

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Accounting Basics: Calculate how much net income should be distributed to orr

Reference No:- TGS0692114

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Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Calculate how much net income should be distributed to orr

Reference No:- TGS0692114

Recent Questions Asked Accounting Basics

Q : Where and when mitosis and meiosis processes occur

Q : Decides to apply analytical procedures

Q : Find the contribution margin and net operating income

Q : The present value of the future

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