Accounting for partnerships and limited liability companies, accounting, Basic Statistics

Singer & Mcmann are partners in business. Singer''s original capital was $40,000 and Mcmann''s was $60.000. They agree to salaries of $12,000 and $18,00 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.
Posted Date: 2/28/2012 10:23:42 PM | Location : United States







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