Singer and mcmann are partners in a business singers, Financial Accounting

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Singer and mcmann are partners in a business singers

Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann respectively and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will McMann's share of the income be if the income for the year was $15,000?

a. $12,600

b. $9,400

c. $14,000

d. $6,000

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Financial Accounting: Singer and mcmann are partners in a business singers

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Financial Accounting: Singer and mcmann are partners in a business singers

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