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| Teaching Since: | May 2017 |
| Last Sign in: | 409 Weeks Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Blaine Pierce and Meg Adkins formed a partnership, dividing income as follows:
1. Annual salary allowance to Adkins of $49,000.
2. Interest of 12% on each partner's capital balance on January 1.
3. Any remaining net income divided equally.
Pierce and Adkins had $40,000 and $120,000, respectively, in their January 1 capital balances.
Net income for the year was $180,000.
How much net income should be distributed to Adkins?
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