Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's...
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Accounting
Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann respectively and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will McMann's share of the income be if the income for the year was $15,000?
a. $12,600
b. $9,400
c. $14,000
d. $6,000
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