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Answer to Question #62381 in Accounting for jillian
Question #62381
Allison and Josh are partners in a business. Allison’s capital is $60,000, and Josh’s capital is $100,000. Profits for the year are $80,000. They agree to share profits and losses as follows:
Allison Josh
Salaries $20,000 $40,000
Interest on capital 10% 10%
Remaining profits and losses 3/5 2/5
Allison’s share of the profits before paying salaries and interest on capital is:
Allison Josh
Salaries $20,000 $40,000
Interest on capital 10% 10%
Remaining profits and losses 3/5 2/5
Allison’s share of the profits before paying salaries and interest on capital is:
Expert's answer
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