Xavier and Yolanda have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%; salary allowances of $27,000 and $18,000, respectively; and the remainder to be divided equally. How much of the net income of $81,000 is allocated to Xavier?
a. $37,000
b. $40,000
c. $42,000
d. $42,500
b
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Answer the following statement true (T) or false (F)
Which article of the UCC deals with "negotiable instruments"?
A) Article 1 B) Article 2 C) Article 3 D) Article 9
If equity is negative,
A. debt exceeds total assets. B. total assets exceed debt. C. equity exceeds assets. D. equity exceeds debt.
All of the following transactions are exempt from rules regarding imputed interest with the exception of
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