d Andy are partners in Just Hats, LLC.  Andy works in the business for an agreed salary draw of $4,000 per month.  Sally has invested $200,000 in the business and Andy invested $100,000.  THe net income of the business is $168,000 for the year.  Income is distributed based on the investment of each partner after allocation for salary.  How much net income is allocated to Sally?

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
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Sally and Andy are partners in Just Hats, LLC.  Andy works in the business for an agreed salary draw of $4,000 per month.  Sally has invested $200,000 in the business and Andy invested $100,000.  THe net income of the business is $168,000 for the year.  Income is distributed based on the investment of each partner after allocation for salary.  How much net income is allocated to Sally?

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