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Jones, Silva, and Thompson form a partnership and agree to allocate income equally after recognition of 10% interest on beginning capital balances and monthly salary allowances of $2,000 to Jones and $1,500 to Thompson. Capital balances on January 1 were as follows:
Jones.........$40,000Silva..........$25,000Thompson.........$30,000
REQUIRED:
Calculate the net income (loss) allocation to each partner under each of the following independent situations.
1. Net income for the year is 99,500
2. Net income for the year is 38,300
3. Net income for the year is 15,100
If the partnership sells the property contributed by Desmond for $360,000, how is the tax gain allocated between the two partners?"
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Fred deals with more than one supplier and often places orders for multiple items at the same time. Fred takes inventory and places orders every Monday.
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