Business, 03.12.2019 03:31, coolkason

Cleary, wasser, and nolan formed a partnership on january 1, 2017, and made capital contributions of $100,000 (cleary), $150,000 (wasser), and $200,000 (nolan), respectively. with respect to the division of income, they agreed to the following:
(1) interest of an amount equal to 10% of the that partner’s beginning capital balance for the year;
(2) annual compensation of $10,000 to wasser
(3) the remainder of the income or loss to be split among the partners in the following percentages:
(a) 20% for cleary
(b) 40% for wasser
(c) 40% for nolan. net income was $150,000 in 2017 and $180,000 in 2018. each partner withdrew $1,000 for personal use every month during 2017 and 2018.

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Cleary, wasser, and nolan formed a partnership on january 1, 2017, and made capital contributions of...