A Level Accounting (9706)•9706/12/O/N/19
Explanation
No partnership agreement: profits shared equally after loan interest Steps:
- No agreement means loan interest (if any) deducted first from profit, then remainder shared equally.
- Profit before loan interest is $8500, but no loan details provided (amount, rate, or lender).
- Without loan info, cannot calculate interest to deduct.
- Thus, cannot determine exact shares.
Not enough information.
Final answer: Not enough information.
Topic: Preparation of financial statements
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