Multiple Choice
Partners Eli and Alex have agreed to share profits and losses in an 80:20 ratio respectively after Eli is allowed a salary allowance of $70000 and Alex is allowed a salary allowance of $35000. If the partnership had net income of $70000 for 2017 Alex's share of the income would be
A) $35000.
B) $28000.
C) $42000.
D) $7000.
Correct Answer:
Verified
Correct Answer:
Verified
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