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Maksim231197 [3]
3 years ago
11

Allocate $249,000 net income by providing annual salary allowances of $66,000 to Ries, $56,000 to Bax, and $80,000 to Thomas; gr

anting 10% interest on the partners' beginning capital investments; and sharing the remainder equally.
Business
1 answer:
Elis [28]3 years ago
6 0

Answer:

Some information was missing: Ries invested $80,000 , Bax invested $112,000, and Thomas invested $128,000.

allocation of profits:

Ries = $66,000 + ($80,000 x 10%) = $74,000

Bax = $56,000 + ($112,000 x 10%) = $67,200

Thomas = $80,000 + ($128,000 x 10%) = $92,800

total = $234,000

remaining profits = $249,000 - $234,000 = $15,000 / 3 = $5,000

total allocation of profits:

  • Ries = $79,000
  • Bax = $72,200
  • Thomas = $97,800
  • total = $249,000
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