Mary and David are partners who share profits and losses on a 3:1 basis. This means Mary receives 75% and David receives 25% of income after any allocations.
Mary and David are partners who share profits and losses on a 3:1 basis. This
means Mary receives 75% and David receives 25% of income after any allocations. Mary receives a salary allowance of $15,000. Earnings for the period total $51,000. What will be the total amount credited to Mary’s Capital account when the Income Summary account is closed?
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