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Allocating profits and losses to the partners
Nan Ferdinand and Misti Morris have formed a partnership. During their first year of operations, the partnership earned $50,000. Their profit and loss sharing agreement states that first, each partner will receive 10% of their capital balances. The second level is based on service, with $10,000 to Ferdinand and $15,000 to Morris. The remainder then will be shared 3:5 between Ferdinand and Morris, respectively.
Requirements
1. Calculate the amount of income each partner will receive under their profit and loss sharing agreement.
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