Steve and Heather decided to form a partnership on April 1. Steve invested $60,000 and Heather invested $40,000. Net income for the fiscal year ended March 31 was $110,000. Each partner is to receive 10% on their original investment. Steve and Heather are to receive a salary allowance of $35,000 and $45,000, respectively. The remainder is to be divided as follows: 70% to Steve and 30% to Heather. Determine the amount of net income that Steve and Heather would have received.
What will be an ideal response?
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Indicate whether the statement is true or false
________ are long-term debt instruments business and government use to raise large sums of money
A) T-bills B) Bonds C) Common stocks D) Preferred stocks E) Commercial papers
Describe component testing
What will be an ideal response?