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clark: $
ENTRIES FOR ALLOCATION OF NET INCOME John Clark and David Haase
decided to form a partnership on July Clark invested $ and Haase
invested $ For the fiscal year ended June a net income of $
was earned. Determine the amount of net income that Clark and Haase would receive
under each of the following independent assumptions:
There is no agreement concerning the distribution of net income.
Each partner is to receive interest on their original investment. The
remaining net income is to be divided equally.
Clark and Haase are to receive a salary allowance of $ and $
respectively. The remaining net income is to be divided equally.
Each partner is to receive interest on their original investment. Clark
and Haase are to receive a salary allowance of $ and $
respectively. The remaining net income is to be divided as follows: Clark,
and Haase,
