Partners John and Dickens have capital balances in a partnership of $155000 and $233000, respectively. They agree to share profits and losses as follows: As salaries As interest on capital at the beginning of the year Remaining profits or losses John Dickens $39100 $48900 10% 10% 50% O $38800 O $107800 O $77600 O $90200 50% If income for the year was $198000, what will be the allocation of income to Dickens?

Partners John and Dickens have capital balances in a partnership of $155000 and $233000, respectively. They agree to share profits and losses as follows: As salaries As interest on capital at the beginning of the year Remaining profits or losses John Dickens $39100 $48900 10% 10% 50% O $38800 O $107800 O $77600 O $90200 50% If income for the year was $198000, what will be the allocation of income to Dickens?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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