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Xavier and Yolanda have original investments of $50,300 and $95,200, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%; salary allowances of $28,700 and $30,000, respectively; and the remainder to be divided equally. How much of the net income of $106,800 is allocated to Xavier?

Xavier and Yolanda have original investments of $50,300 and $95,200, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%; salary allowances of $28,700 and $30,000, respectively; and the remainder to be divided equally. How much of the net income of $106,800 is allocated to Xavier?

FINANCIAL ACCOUNTING
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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Xavier and Yolanda have original investments of $50,300 and $95,200, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%; salary allowances of $28,700 and $30,000, respectively; and the remainder to be divided equally. How much of the net income of $106,800 is allocated to Xavier?

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