Solved: Net income for the year was 440000 how much net income, Accounting Basics

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Net income for the year was 440000 how much net income

Henry Carr and Noreen Mason formed a partnership, dividing income as follows:

Annual salary allowance to Carr of $40,000. Interest of 8% on each partner's capital balance on January 1. Any remaining net income divided equally.

Carr and Mason had $60,000 and $140,000 in their January 1 capital balances, respectively. Net income for the year was $440,000. How much net income should be distributed to Carr?

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Accounting Basics: Net income for the year was 440000 how much net income

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Accounting Basics: Net income for the year was 440000 how much net income

Reference No:- TGS02589094

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