Ramer and Knox began a partnership by investing $70,000 and $105,000, respectively. The partners agreed...
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Accounting
Ramer and Knox began a partnership by investing $70,000 and $105,000, respectively.
The partners agreed to share income by granting a $60,000 per year salary allowance to Ramer, a $42,000 per year salary allowance to Knox, 8% interest on their initial capital investments, and the remaining balance shared equally. Net income is $210,000. (Enter all allowances as positive values. Enter losses as negative values.)
Ramer Knox Total Net Income Salary allowances Interest allowances Total salary and interest Balance of income Balance allocated equally Balance of income Shares of the partners $ 0 % 0
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