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Xavier and Yolanda have original investments of $54,900 and $100,100, 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 $26,200 and $31,100, respectively; and the remainder to be divided equally. How much of the net income of $115,300 is allocated to Xavier?

Xavier and Yolanda have original investments of $54,900 and $100,100, 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 $26,200 and $31,100, respectively; and the remainder to be divided equally. How much of the net income of $115,300 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 $54,900 and $100,100, 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 $26,200 and $31,100, respectively; and the remainder to be divided equally. How much of the net income of $115,300 is allocated to Xavier?

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