What will singer''s share of the income be, Accounting Basics

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What will singer''s share of the income be

Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann respectively and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will Singer's share of the income be if the income for the year was $50,000?

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Accounting Basics: What will singer''s share of the income be

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Accounting Basics: What will singer''s share of the income be

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Accounting Basics: What will singer''s share of the income be

Reference No:- TGS079935

Recent Questions Asked Accounting Basics

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